Section 8-303 - Protected Purchaser

(a) 'Protected purchaser' means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security, 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.