1. Except as otherwise provided in subsections 2 and 3, upon delivery of a certificated or uncertificated security to a purchaser, the purchaser 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.
[S13, § 3060-a52; C24, 27, 31, 35, 39, § 9512; C46, 50, 54, 58, 62, § 541.52; C66, 71, 73, 75, 77, 79, 81, § 554.8302]
89 Acts, ch 113, § 17; 96 Acts, ch 1138, § 35, 84
1996 amendment takes effect July 1, 1997; 96 Acts, ch 1138, § 84; for provisions governing the continued perfection of security interests that are perfected as of July 1, 1997, see 96 Acts, ch 1138, § 80, 84; for law prior to July 1, 1997, see § 554.8301 and 554.8302, Code 1995
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