The Florida Senate

678.302  "Bona fide purchaser"; "adverse claim"; title acquired by bona fide purchaser.--

(1)  A "bona fide purchaser" is a purchaser for value in good faith and without notice of any adverse claim:

(a)  Who takes delivery of a certificated security in bearer form or in registered form, issued or indorsed to her or him or in blank;

(b)  To whom the transfer, pledge, or release of an uncertificated security is registered on the books of the issuer; or

(c)  To whom a security is transferred under the provisions of s. 678.313(1)(c), (d)1., or (g).

(2)  "Adverse claim" includes a claim that a transfer was or would be wrongful or that a particular adverse person is the owner of or has an interest in the security.

(3)  A bona fide purchaser in addition to acquiring the rights of a purchaser (s. 678.301) also acquires her or his interest in the security free of any adverse claim.

(4)  Notwithstanding s. 678.301(1), the transferee of a particular certificated security who has been a party to any fraud or illegality affecting the security, or who as a prior holder of that certificated security had notice of an adverse claim, cannot improve her or his position by taking from a bona fide purchaser.

History.--s. 1, ch. 65-254; s. 1, ch. 87-275; s. 658, ch. 97-102.

Note.--s. 8-302, U.C.C.; supersedes s. 674.54.