(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.\n(b) A purchaser of a limited interest acquires rights only to the extent of the interest purchased.\n(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.
Massachusetts Legal Code