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2020 Code of Alabama
Title 7 - Commercial Code.
Article 8 - Investment Securities.
Part 3 - Transfer of Certificated and Uncertificated Securities.
Section 7-8-302 - Rights of Purchaser.
Universal Citation: AL Code § 7-8-302 (2020)
Section 7-8-302
Rights of purchaser.
(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.
(Acts 1996, No. 96-742, p. 1241, §1; Act 2001-481, p. 647, §2.)
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