(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.
Structure Code of Alabama
Article 8 - Investment Securities.
Part 3 - Transfer of Certificated and Uncertificated Securities.
Section 7-8-302 - Rights of Purchaser.
Section 7-8-303 - Protected Purchaser.
Section 7-8-304 - Indorsement.
Section 7-8-305 - Instruction.
Section 7-8-306 - Effect of Guaranteeing Signature, Indorsement, or Instruction.
Section 7-8-307 - Purchaser's Right to Requisites for Registration of Transfer.