http://en.wikipedia.org/wiki/Black_locustRobinia pseudoacacia
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[edit] Toxicity
Like the honey locust, the black locust reproduces through its distinctive hanging pods. Black locust's pods are smaller and lighter, and thus easily carried long distances by the wind. Unlike the pods of the honey locust, but like those of the related European Laburnum, the black locust's pods are toxic. In fact, every part of the tree, especially the bark, is considered toxic, with the exception of the flowers. However, various reports have suggested that the seeds and the young pods of the black locust can be edible when cooked, since the poisons that are contained in this plant are decomposed by heat. Horses that consume the plant show signs of anorexia, depression, diarrhea, colic, weakness, and cardiac arrhythmia. Symptoms usually occur about 1 hour following consumption, and immediate veterinary attention is required.
And as far as the original question- these things are pretty hardy trees. I would guess you could transplant now & not have any problems. Probably now is better anyway- then the roots can have some time to establish before winter. Just make sure you water it alot if you are having a dry fall. And good luck! :)