New York Laws
Part 2 - Issue and Issuer
8-203 - Staleness as Notice of Defect or Defense.

(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.

Structure New York Laws