§25-8-303. 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.

(1965, c. 700, s. 1; 1997-181, s. 1.)