(810 ILCS 5/8-302)
(from Ch. 26, par. 8-302)
Rights of purchaser.
(a) Except as otherwise provided in subsections (b) and (c), 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.
(Source: P.A. 91-893, eff. 7-1-01.)