§ 26-1-8.1-203 — Notice of defects

Indiana § 26-1-8.1-203

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 8.1: Investment Securities

Text

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that has been revoked, creating a right to immediate performance of the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 (1) year after that date; or
(2) is not covered by subdivision (1) and the purchaser takes the
security more than two (2) years after the date set for surrender or
presentation or the date on which performance became due.

Legislative History

As added by P.L.247-1995, SEC.10.