                                 CODE OF VIRGINIA

STALENESS AS NOTICE OF DEFECT OR DEFENSE (§ 8.8A-203)

After an act or event, other than a call that has been revoked, creating a right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) 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.

HISTORY: 1996, c. 216.