New Jersey § 12a:8-203

§ 12a:8-203.

After an act or event, other than a call that has been revoked, creating a right to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: a. 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 b. is not covered by subsection a. of this 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.