678.3031 Protected purchaser.—(1) 'Protected purchaser' means a purchaser of a certificated or uncertificated security, or of an interest therein, who:(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.—s. 3, ch. 98-11.
Florida Legal Code