Maine Revised Statutes Title 11 Sec. 8-1302 – Rights of purchaser
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(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).]
Terms Used In Maine Revised Statutes Title 11 Sec. 8-1302
- Adverse claim: means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer or deal with the financial asset. See Maine Revised Statutes Title 11 Sec. 8-1102
- Certificated security: means a security that is represented by a certificate. See Maine Revised Statutes Title 11 Sec. 8-1102
- Security: except as otherwise provided in section 8?1103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer: (i) That is represented by a security certificate in bearer or registered form or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;(ii) That is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and(iii) That:(A) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or(B) Is a medium for investment and by its terms expressly provides that it is a security governed by this Article. See Maine Revised Statutes Title 11 Sec. 8-1102(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).]
SECTION HISTORYPL 1997, c. 429, §B2 (NEW). PL 1999, c. 699, §B24 (AMD). PL 1999, c. 699, §B28 (AFF).