62A.8-302 - Rights of purchaser. - Washington Statutes

Rights of purchaser.

(1) Except as otherwise provided in subsections (2) and (3) 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.

     (2) A purchaser of a limited interest acquires rights only to the extent of the interest purchased.

     (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.

[2000 c 250 § 9A-819; 1995 c 48 § 28; 1986 c 35 § 17; 1965 ex.s. c 157 § 8-302. Cf. former RCW sections: (i) RCW 23.80.230(2); 1939 c 100 § 23; RRS § 3803-123. (ii) RCW 62.01.052; 1955 c 35 § 62.01.052; prior: 1899 c 149 § 52; RRS § 3443.]

Notes: Effective date -- 2000 c 250: See RCW 62A.9A-701.

Effective date -- 1995 c 48: See RCW 62A.11-113.