Sec. 8-303. Protected purchaser.
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/il/chapter-810/act-5/8-303A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 8-303. Protected purchaser.
(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)A protected purchaser also acquires its interest in the security free of any adverse claim.