§12A-8-203.

§12A-8-203.
   
   Staleness as Notice of Defects or Defenses.
   
   After an act or event, other than a call that has been revoked,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 paragraph (1) of this subsection 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.