Sec. 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.
Amended by Acts 1995, 74th Leg., ch. 962, Sec. 1, eff. Sept. 1, 1995;  Acts 1999, 76th Leg., ch. 414, Sec. 2.30, eff. July 1, 2001.