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554.8301 Rights acquired by purchaser.

1. Upon transfer of a security to a purchaser (section 554.8313), the purchaser acquires the rights in the security which the purchaser's transferor had or had actual authority to convey unless the purchaser's rights are limited by section 554.8302, subsection 4.

2. A transferee of a limited interest acquires rights only to the extent of the interest transferred. The creation or release of a security interest in a security is the transfer of a limited interest in that security.

Section History: Early form

[S13, § 3060-a52, -a57, -a58, -a59; C24, 27, 31, 35, 39, § 9512, 9517--;9519; C46, § 541.52, 541.57--;541.59; C50, 54, 58, 62, § 493A.4, 493A.7, 541.52, 541.57--;541.59; C66, 71, 73, 75, 77, 79, 81, § 554.8301]

Section History: Recent form

89 Acts, ch 113, § 16

Internal References

Referred to in § 554.8302, 554.8320

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