Canada Business Corporations Act
Marginal note:Title of purchaser
60 (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)
- Date modified: