Section 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After  an  act  or  event,  other  than  a call that has been revoked,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 subsection  (1)  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.