The Florida Senate

678.301  Rights acquired by purchaser.--

(1)  Upon transfer of a security to a purchaser (s. 678.313), the purchaser acquires the rights in the security which his or her transferor had or had actual authority to convey unless the purchaser's rights are limited by s. 678.302(4).

(2)  A transferee of a limited interest acquires rights only to the extent of the interest transferred. The creation or release of a security interest in a security is the transfer of a limited interest in that security.

History.--s. 1, ch. 65-254; s. 1, ch. 87-275; s. 657, ch. 97-102.

Note.--s. 8-301, U.C.C.; supersedes ss. 674.54, 674.59-674.61, 614.09.