1. (a) Rights acquired by purchaser.— Except as otherwise provided in subsections (b) and (c), 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) Rights acquired by purchaser of limited interest.— A purchaser of a limited interest acquires rights only to the extent of the interest purchased.
3. (c) Limitation on rights acquired from protected purchaser.— 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.

(June 8, 2001, P.L.123, No.18, eff. July 1, 2001)

2001 Amendment. Act 18 amended subsec. (a).