Rights of purchaser

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    (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.


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