(1) Except as otherwise provided in subsections (2) and (3) 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) A purchaser of a limited interest acquires rights only to the extent of the interest purchased.
(3) 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. [1961 c.726 §78.3020; 1985 c.676 §78.3020; 1995 c.328 §28; 2001 c.445 §155]
Section: Previous 78.2050 78.2060 78.2070 78.2080 78.2090 78.2100 78.3010 78.3020 78.3030 78.3040 78.3050 78.3060 78.3070 78.3080 78.3090 NextLast modified: August 7, 2008