§8-1303. Protected purchaser
111 words·~1 min read·
/me/title-11-uniform-commercial-code/8-1303A 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 in a certificated or uncertificated security who:
(a). Gives value; [PL 1997, c. 429, Pt. B, §2 (NEW).]
(b). Does not have notice of any adverse claim to the security; and [PL 1997, c. 429, Pt. B, §2 (NEW).]
(c). Obtains control of the certificated or uncertificated security. [PL 1997, c. 429, Pt. B, §2 (NEW).]
[PL 1997, c. 429, Pt. B, §2 (NEW).]
(2). A protected purchaser acquires its interest in the security free of any adverse claim.
[PL 2023, c. 669, Pt. A, §64 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).]