440.8303 'Protected purchaser' defined. Sec. 8303. (1) 'Protected purchaser' means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security and meets all of the following: (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: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998
Michigan Legal Code