ORS 78.3020

Known as the Uniform Commercial Code

The act spans §§ 78–78 (66 sections).

Applied in 1 court decision — leading case Andy Marine, Inc. v. Zidell, Inc. (1987)

Most recently applied in Andy Marine, Inc. v. Zidell, Inc. (March 1987)

1961 c.726 §78.3020; 1985 c.676 §78.3020; 1995 c.328 §28; 2001 c.445 §155

(1) Except as otherwise provided in subsections (2) and (3) 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.

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

(3) 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.

Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.