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 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; Laws 2024, c. 13, § 41, eff. Nov. 1, 2024.