47-8302. Rights of purchaser
79 words·~1 min read·
/az/title-47/47-8302A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.