1. (a) Except as otherwise provided in subsections (b) and (c) of this section, a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer.
2. (b) A purchaser of a limited interest acquires rights only to the extent of the interest purchased.
3. (c) A purchaser of a certificated security who as a previous holder had notice of an adverse claim does not improve its position by taking from a protected purchaser.

Added by Acts 1996, c. 92, § 2, eff. Oct. 1, 1996. Amended by Acts 1999, c. 282, § 2, eff. July 1, 2001.