Mass. Gen. Laws ch. 106, § 8-302: Rights of Purchaser

Section 8–302. (a) Except as otherwise provided in subsections (b) and (c), a purchaser of a certified or uncertified 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.