(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.
A purchaser of a limited interest acquires rights only to the extent of the interestpurchased.
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.
Source: L. 96: Entire article R&RE, p. 220, § 2, effective July 1. L. 2001: (a) amended, p. 1443, § 34, effective July 1.
Editor's note: This section is similar to former §§ 4-8-301 and 4-8-302 as they existed prior to 1996.