12A: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. L.1997,c.252,s.1.
New Jersey Legal Code