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) A protected purchaser also acquires its interest in the security free of any adverse claim. History: 1978 Comp., § 55-8-303, enacted by Laws 1996, ch. 47, § 33; 2023, ch. 142, § 42.