After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security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, 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 on presentation or surrender of the securitycertificate, the money or security isavailableon thedate set for payment or exchange, and the purchaser takes the security more than one year after that date; or 2. isnot covered by subsection 1 and the purchaser takes the security more than two years after the date setfor surrender or presentation or thedate onwhichperformancebecamedue. [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]
‹ Prev All Iowa sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.