Code of Alabama
Ala. Code § 7-8-302 (2026)
Rights of Purchaser.
✓ official Alabama Legislature (ALISON) text, current July 2026
(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.
(Acts 1996, No. 96-742, p. 1241, §1; Act 2001-481, p. 647, §2.)
Notes of Decisions
Cited in 3
cases, 1987–1993 · leading case: Mcmillan, Ltd. v. Warrior Drilling & Eng., 512 So. 2d 14 (Ala. 1987).
Mcmillan, Ltd. v. Warrior Drilling & Eng., 512 So. 2d 14 (Ala. 1987). “" § 7-8-302: "A `bona fide purchaser' is a purchaser for value in good faith and without notice of any adverse claim who takes delivery of a security in bearer form or of one in registered form issued to him or indorsed to him or in blank.”
In Re Windham Power Lifts Inc., 91 B.R. 595 (Bankr. M.D. Ala. 1988). “Code § 7-8-302 (1975) an endorsement of a registered security, i.”
Primm v. Primm, 621 So. 2d 1298 (Ala. 1993). “” The plaintiff is not a purchaser under § 7-8-302 of the UCC; she is a beneficiary under a will.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.