2006 New York Code - Rights Of Purchaser.

 
  Section 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.