Section 7-8-303 - 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 acquires its interest in the security free of any adverse claim.