These documents are currently being revised to incorporate the changes made during the 2024 Legislative Session. Please consult the Sections Affected Table for changes made during the 2024 Legislative Session.
Rights of purchaser.
(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.
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