Kentucky Statutes 355.8-302 – Rights of purchaser
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(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.
Effective: July 1, 2001
History: Amended 2000 Ky. Acts ch. 408, sec. 173, effective July 1, 2001. — Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 141, effective January 1, 1997. — Amended 1986 Ky. Acts ch. 118, sec. 27, effective July 1, 1987. — Created 1958 Ky. Acts ch. 77, sec. 8-302, effective July 1, 1960.
(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.
Effective: July 1, 2001
History: Amended 2000 Ky. Acts ch. 408, sec. 173, effective July 1, 2001. — Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 141, effective January 1, 1997. — Amended 1986 Ky. Acts ch. 118, sec. 27, effective July 1, 1987. — Created 1958 Ky. Acts ch. 77, sec. 8-302, effective July 1, 1960.