Rights of purchaser

4-8-302. Rights of purchaser. (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. 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.