# Commercial Law (GCL)

## Title 8. Investment Securities

### Subtitle 3. Transfer of Certificated and Uncertificated Securities

#### Section 8-302

(a) Except as otherwise provided in subsections (b) and (c) of this section, 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.

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Md. Code Ann., Com. Law (as displayed at mgaleg.maryland.gov, October 16, 2026)