47-8303. 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.
Arizona Legal Code