§ 8-303
74 words·~1 min read·
/md/commercial-law/8-303·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§8–303.
(a)“Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security, 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.