Okla. Stat. tit. 12A § 8-203

Current through Laws 2024, c. 453.

Section 8-203 - Staleness as Notice of Defects or Defenses. 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After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security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.

Okla. Stat. tit. 12A, § 8-203

Added by Laws 1961, p. 153, § 8-203. Amended by Laws 1984, HB 1800, c. 76, § 12, eff. 11/1/1984; Amended by Laws 1995, Sb 522, c. 242, § 19, eff. 2/1/1996.

Oklahoma Code Comment

Section 8-203 makes a security "stale" as regards certain rights if the security is taken more than one year after the date set for payment or more than two years after the date set for surrender, presentation or performance. There is no substantive change from prior law.

Prior Statutory Provisions:

48 Okla. Stat. §§ 122, 123 (1910).

Pre-revision UCC § 8-203.