§ 25-8-303. Protected purchaser.
§25‑8‑303. Protected purchaser.
(a) "Protectedpurchaser" means a purchaser of a certificated or uncertificated security,or of an interest therein, who:
(1) Gives value;
(2) Does not have noticeof any adverse claim to the security; and
(3) Obtains control ofthe certificated or uncertificated security.
(b) In addition toacquiring the rights of a purchaser, a protected purchaser also acquires itsinterest in the security free of any adverse claim. (1965, c. 700, s. 1; 1997‑181,s. 1.)