§ 8303
63 words·~1 min read·
/ca/commercial-code/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 does all of the following:
(1)Gives value.
(2)Does not have notice of any adverse claim to the security.
(3)Obtains control of the certificated or uncertificated security.
(b)A protected purchaser also acquires its interest in the security free of any adverse claim.