(a) As used in this Code section, the terms "check," "holder," "holder in due course," "maker," and "note" shall have the same meanings as are given such terms in Code Section 11-1-201 and Articles 3 and 4 of Title 11. The rights of a person who is not a holder in due course shall be subject to the defenses and claims set out in subsection (a) of Code Section 11-3-305 and the first sentence of Code Section 11-3-306. The negotiability of any installment obligation referred to in this Code section shall be determined in accordance with Article 3 of Title 11.

(b) With regard to any installment obligation which may be deemed to be negotiable, any note, or any postdated check, issued to an issuer, an affiliate of such issuer, or any underwriter in connection with the purchase of any securities of such issuer registered under this chapter, no holder of such negotiable installment obligation, note, or postdated check shall have the rights of a holder in due course in any action to enforce such negotiable installment obligation, note, or postdated check against the maker thereof if such negotiable installment obligation, note, or postdated check bears the legend described in subsection (c) of this Code section.

(c) It shall be unlawful for any issuer, affiliate of such issuer, or underwriter to receive any installment obligation which may be deemed to be negotiable, any note, or postdated check as consideration for the sale of any securities of such issuer registered under this chapter unless such negotiable installment obligation, note, or postdated check bears a legend indicating that such negotiable installment obligation, note, or postdated check was received as consideration for the sale of securities in a transaction registered under this chapter and that, in any action against the maker of such negotiable installment obligation, note, or postdated check, any holder thereof shall not have the rights of a holder in due course.