12A:8-302 - Rights of purchaser
12A:8-302. Rights of purchaser12A:8-302. 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.
L.1997, c.252, s.1; amended 2001, c.117, s.21.