\n(a) 'Protected purchaser' means a purchaser of a certificated or uncertificated security, or of an interest therein, who:\n(1) Gives value;\n(2) Does not have notice of any adverse claim to the security; and\n(3) Obtains control of the certificated or uncertificated security.\n(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. (1965, c. 700, s. 1; 1997-181, s. 1.)
North Carolina Legal Code