Mich. Comp. Laws § 440.8302: Purchaser of security; rights acquired.

Sec. 8302.

Except as otherwise provided in subsections (2) and (3), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer.

A purchaser of a limited interest acquires rights only to the extent of the interest purchased.

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.