Rights of Purchaser.
(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.
(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.
Added by Laws 1961, p. 155, § 8-302. Amended by Laws 1984, c. 76, § 19, eff. Nov. 1, 1984; Laws 1995, c. 242, § 28, eff. Feb. 1, 1996; Laws 2000, c. 371, § 164, eff. July 1, 2001.
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