Commercial Code section 8302

(a)

Except as otherwise provided in subdivisions (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.

Source: Section 8302, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=COM§ionNum=8302.­ (updated Jan. 1, 2000; accessed Jun. 25, 2025).

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Verified:
Jun. 25, 2025

§ 8302's source at ca​.gov