CODE OF VIRGINIA

RIGHTS OF PURCHASER (§ 8.8A-302)

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.

HISTORY: 1996, c. 216; 2000, c. 1007.