Protected purchaser

(a) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, to which all of the following apply: (1) The purchaser gives value. (2) The purchaser does not have notice of any adverse claim to the security. (3) The purchaser obtains control of the certificated or uncertificated security. (b) A protected purchaser acquires its interest in the security free of any adverse claim. (1965, c. 700, s. 1; 1997-181, s. 1; 2025-25, s. 150.)