Section 11-6-110. Subsequent transfers

   When the title of a transferee to property is subject to a defect by reason of his noncompliance with the requirements of this article, then:

   (1) A purchaser of any of such property from such transferee who pays no value or who takes with notice of such noncompliance takes subject to such defect, but

   (2) A purchaser for value in good faith and without such notice takes free of such defect.

Code 1933, § 109A-6--110, enacted by Ga. L. 1962, p. 156, § 1.