554.8203 Staleness as notice of defect or defense. After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a dateon or after which the security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 actor 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 thesecurity 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 subsection 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. [S13, §3060, -a52, -a53; C24, 27, 31, 35, 39, §9512, 9513; C46, 50, 54, 58, 62, §541.52, 541.53; C66, 71, 73, 75, 77, 79, 81, §554.8203] 89 Acts, ch 113, §10; 96 Acts, ch 1138, §26, 84 Sat Dec 23 01:58:17 2023 Iowa 52, -a53; C24, 27, 31, 35, 39, §9512, 9513; C46, 50, 54, 58, 62, §541.52, 541.53; C66, 71, 73, 75, 77, 79, 81, §554.8203] 89 Acts, ch 113, §10; 96 Acts, ch 1138, §26, 84 Sat Dec 23 01:58:17 2023 Iowa Code 2024, Section 554.8203 (24, 0)
Iowa Legal Code