§ 34.1-8-302 — Rights of purchaser

(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.