Vermont § 203 - § 8—203.

§ 203. § 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• Staleness as notice of defect or defense After an act or event, other than a call that has been revoked, creating a right to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 subdivision (1) 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. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)