Section 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) A protected purchaser also acquires its interest in the security free of any adverse claim.
Protected Purchaser
N.Y. Uniform Commercial Code Law § 8-303, under Transfer of Certificated and Uncertificated Securities.
N.Y. Uniform Commercial Code Law § 8-303