Rights of purchaser
Known as the Uniform Commercial Code
The act spans §§ 36–36 (519 sections).
Applied in 1 court decision — leading case Southern Bank and Trust Company v. Daniel Rhoades and Norma Rhoades, a Acli Government Securities, Inc. (1986)
Most recently applied in Southern Bank and Trust Company v. Daniel Rhoades and Norma Rhoades, a Acli Government Securities, Inc. (September 1986)
1962 Code SECTION 10.8-302; 1966 (54) 2716; 1991 Act No. 161, SECTION 1; 2001 Act No. 67, SECTION 5.
(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.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.