Maryland Commercial Law Section 8-302

      (a)      Except as otherwise provided in subsections (b) and (c) of this section, 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.