Sec. 8-302. Rights of purchaser.
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/il/chapter-810/act-5/8-302A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 8-302. Rights of purchaser.
(a)Except as otherwise provided in subsections
(b)and (c), 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.