State Codes and Statutes
Statutes > Virginia > Title-8-8a > Part-2 > 8-8a-203§ 8.8A-203. Staleness as notice of defect or defense.
After an act or event, other than a call that has been revoked, creating aright to immediate performance of the principal obligation represented by acertificated security or setting a date on or after which the security is tobe presented or surrendered for redemption or exchange, a purchaser ischarged with notice of any defect in its issue or defense of the issuer, ifthe 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 onpresentation or surrender of the security certificate, the money or securityis available on the date set for payment or exchange, and the purchaser takesthe security more than one year after that date; or
(2) is not covered by paragraph (1) and the purchaser takes the security morethan two years after the date set for surrender or presentation or the dateon which performance became due.
(1996, c. 216.)
