30-8-305. 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:
     (1) after 1 year from any date set for presentment or surrender for redemption or exchange; or
     (2) after 6 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.

     History: En. Sec. 8-305, Ch. 264, L. 1963; R.C.M. 1947, 87A-8-305; amd. Sec. 29, Ch. 402, L. 1983.