Maine Revised Statutes Title 11 Sec. 8-1203 – Staleness as notice of defect or defense
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After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security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: [PL 1997, c. 429, Pt. B, §2 (NEW).]
(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
[PL 1997, c. 429, Pt. B, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 11 Sec. 8-1203
- Certificated security: means a security that is represented by a certificate. See Maine Revised Statutes Title 11 Sec. 8-1102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Security: except as otherwise provided in section 8?1103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer: (i) That is represented by a security certificate in bearer or registered form or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;(ii) That is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and(iii) That:(A) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or(B) Is a medium for investment and by its terms expressly provides that it is a security governed by this Article. See Maine Revised Statutes Title 11 Sec. 8-1102
- Security certificate: means a certificate representing a security. See Maine Revised Statutes Title 11 Sec. 8-1102
- Uncertificated security: means a security that is not represented by a certificate. See Maine Revised Statutes Title 11 Sec. 8-1102
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
(2). Is not covered by subsection (1) and the purchaser takes the security more than 2 years after the date set for surrender or presentation or the date on which performance became due.[PL 1997, c. 429, Pt. B, §2 (NEW).]
SECTION HISTORYPL 1997, c. 429, §B2 (NEW).