N.Y. Uniform Commercial Code Law § 8-302: Rights of Purchaser

Section 8--302. Rights of Purchaser.

(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.