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.

L.1997, c.252, s.1; amended 2001, c.117, s.21.