§ 36-8-303. Protected purchaser.
72 words·~1 min read·
/sc/title-36-commercial-code/chapter-8/commercial-code-investment-securities/36-8-303·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 36-8-303. 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)In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.