§ 8302
79 words·~1 min read·
/ca/commercial-code/8302A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Except as otherwise provided in subdivisions
(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.