- (a) 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.
- (b) A purchaser of a limited interest acquires rights only to the extent of the interest purchased.
- (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.
HISTORY: 1962 Code Section 10.8-302; 1966 (54) 2716; 1991 Act No. 161, Section 1; 2001 Act No. 67, Section 5. "Certificated security" Section 8-102(a)(4) "Notice of adverse claim" Section 8-105 "Protected purchaser" Section 8-303 "Purchaser" Sections 1-201(33) & 8-116 "Uncertificated security" Section 8-102(a)(18) "Delivery" Section 8-301