70A-8-302 - Rights of purchaser.
70A-8-302. Rights of purchaser.
(1) Except as otherwise provided in Subsections (2) and (3), a purchaser of a certificatedor uncertificated security acquires all rights in the security that the transferor had or had power totransfer.
(2) A purchaser of a limited interest acquires rights only to the extent of the interestpurchased.
(3) A purchaser of a certificated security who as a previous holder had notice of anadverse claim does not improve its position by taking from a protected purchaser.
Amended by Chapter 252, 2000 General Session