47-8303. Protected purchaser
68 words·~1 min read·
/az/title-47/47-8303A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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. In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.