Section 4-8-303 - 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.Acts 1995, No. 425, § 1.