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This entry was published on 2014-09-22
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Rights of Purchaser
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 8, PART 3
Section 8--302. Rights of Purchaser.

(a) Except as otherwise provided in subsections (b) and (c), 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.