§ 12A-8-303. Protected Purchaser.

Protected Purchaser.

(a)  "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who:

(1)gives value;

(2)does not have notice of any adverse claim to the security; and

(3)obtains control of the certificated or uncertificated security.

(b)  In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.

Added by Laws 1961, p. 155, § 8-303.  Amended by Laws 1984, c. 76, § 20, eff. Nov. 1, 1984; Laws 1995, c. 242, § 29, eff. Feb. 1, 1996.