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554.8305 Staleness as notice of adverse claims.

An act or event that creates a right to immediate performance of the principal obligation represented by a certificated security or sets a date on or after which a certificated security is to be presented or surrendered for redemption or exchange does not itself constitute any notice of adverse claims except in the case of a transfer:

a. after one year from any date set for presentment or surrender for redemption or exchange; or

b. after six months from any date set for payment of money against presentation or surrender of the security if funds are available for payment on that date.

Section History: Early form

[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, § 554.8305]

Section History: Recent form

89 Acts, ch 113, § 20

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