Section 75-8-303 - 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.Laws, 1996, ch. 468 § 30, eff. 7/1/1996.