§ 8-203. 8-203
166 words·~1 min read·
/us/ucc/a8/s8-203A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered for redemption or exchange, a purchaser is charged with notice of any defect in its issue or defense of the issuer , if the act or event:
(1)requires the payment of money, the delivery of a certificated security, the registration of transfer of an uncertificated security , or any of them on presentation or surrender of the security certificate , the money or security is available on the date set for payment or exchange, and the purchaser takes the security more than one year after that date; or
(2)is not covered by paragraph
(1)and the purchaser takes the security more than two years after the date set for surrender or presentation or the date on which performance became due.