N.Y. UCC Law § 8-203

Section 8--203. Staleness as Notice of Defect or Defense.\n After an act or event, other than a call that has been revoked,\ncreating a right to immediate performance of the principal obligation\nrepresented by a certificated security or setting a date on or after\nwhich the security is to be presented or surrendered for redemption or\nexchange, a purchaser is charged with notice of any defect in its issue\nor defense of the issuer, if the act or event:\n (1) requires the payment of money, the delivery of a certificated\nsecurity, the registration of transfer of an uncertificated security, or\nany of them on presentation or surrender of the security certificate,\nthe money or security is available on the date set for payment or\nexchange, and the purchaser takes the security more than one year after\nthat date; or\n (2) is not covered by subsection (1) and the purchaser takes the\nsecurity more than two years after the date set for surrender or\npresentation or the date on which performance became due.\n