(1). Except as otherwise provided in subsections (2) and (3), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer. [PL 1999, c. 699, Pt. B, §24 (AMD); PL 1999, c. 699, Pt. B, §28 (AFF).] (2). A purchaser of a limited interest acquires rights only to the extent of the interest purchased. [PL 1997, c. 429, Pt. B, §2 (NEW).] (3). 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. [PL 1997, c. 429, Pt. B, §2 (NEW).]
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