554.8303 Protected purchaser.
92 words·~1 min read·
/ia/chapter-554-uniform-commercial-code/554-8303A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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. In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.
[C66, 71, 73, 75, 77, 79, 81, §554.8303]
89 Acts, ch 113, §18; 96 Acts, ch 1138, §36, 84
Referred to in §554.8102, 554.9102