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. [1961 c.726 §78.3020 (Rights of purchaser); 1985 c.676 §78.3020 (Rights of purchaser); 1995 c.328 §28; 2001 c.445 §155]
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