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O.C.G.A. § 11-8-203 — Staleness as notice of defect or defense | Georgia Code
O.C.G.A. § 11-8-203 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 11 COMMERCIAL CODE

Section 8. Investment Securities, 11-8-101 through 11-8-603.

ARTICLE 8 INVESTMENT SECURITIES

11-8-203. 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After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security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 year after that date; or
  2. Is not covered by paragraph (1) of this Code section 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.

(Code 1981, §11-8-203, enacted by Ga. L. 1998, p. 1323, § 1.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 15A Am. Jur. 2d, Commercial Code, §§ 82, 83, 99. 18 Am. Jur. 2d, Corporations, § 282.

C.J.S.

- 19 C.J.S., Corporations, § 694. 64A C.J.S., Municipal Corporations, § 1715. 81A C.J.S., States, § 190.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 8-203.

ALR.

- Time factor in purchase or sale of corporate stock under contract not fixing a definite time for demand or performance, 144 A.L.R. 895.

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This Georgia Code resource is curated by Georgia Bar member Graham W. Syfert, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. For legal consultation, call 904-383-7448.