440.8303 “Protected purchaser” defined.
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/mi/chapter-440/440-8303A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
440.8303 “Protected purchaser” defined.
Sec. 8303.
(1)"Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security and meets all of the following:
(a)Gives value.
(b)Does not have notice of any adverse claim to the security.
(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.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 278 , Imd. Eff. July 27, 1998