Commercial Code - COM
DIVISION 8. INVESTMENT SECURITIES [8101 - 8603]
( Division 8 repealed and added by Stats. 1996, Ch. 497, Sec. 9. ) CHAPTER 3. Transfer of Certificated and Uncertificated Securities [8301 - 8307]
( Chapter 3 added by Stats. 1996, Ch. 497, Sec. 9. ) 8302.
(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.
(Amended by Stats. 1999, Ch. 991, Sec. 33.4. Effective January 1, 2000. Operative July 1, 2001, by Sec. 75 of Ch. 991.)