Canada Business Corporations Act

Version of section 60 from 2003-01-01 to 2011-11-28:

Marginal note:Title of purchaser
  •  (1) On delivery of a security the purchaser acquires the rights in the security that the transferor had or had authority to convey, except that a purchaser who has been a party to any fraud or illegality affecting the security or who as a prior holder had notice of an adverse claim does not improve their position by taking from a later bona fide purchaser.

  • Marginal note:Title of bona fide purchaser

    (2) A bona fide purchaser, in addition to acquiring the rights of a purchaser, also acquires the security free from any adverse claim.

  • Marginal note:Limited interest

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

  • R.S., 1985, c. C-44, s. 60;
  • 2001, c. 14, s. 135(E).
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