“Protected purchaser.” (1) “Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest therein, who

(a) Gives value;

(b) Does not have notice of any adverse claim to the security; and

(c) Obtains control of the certificated or uncertificated security.

(2) A protected purchaser acquires its interest in the security free of any adverse claim. [1961 c.726 §78.3030; 1985 c.676 §78.3030; 1995 c.328 §29; 2025 c.33 §43]