- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 8. Investment Securities
- Section 203. Staleness as Notice of Defects or Defenses.
previous: Section 202
. Issuer's Responsibility and Defenses; Notice of Defect or Defense.
next: Section 204
. Effect of Issuer's Restriction On Transfer.
AS 45.08.203. Staleness as Notice of Defects or Defenses.
- (a) After an act or event, other than a call that has been revoked, creating a right to immediate performance of the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 the security's
issue or defense of the issuer, if the act or event
- (1) requires the payment of money, the delivery of certificated securities, the registration of transfer of uncertificated
securities, or any of these on presentation or surrender of the security certificate, the money or securities are
available on the date set for payment or exchange, and the purchaser takes the security more than one year after that
- (2) is not covered by (1) of this subsection 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.
- (b) [Repealed, Sec. 68 ch 17 SLA 1996].
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