§ 78.3030

(1) 'Protected purchaser' means a purchaser of a certificated or uncertificated security, or of an interest therein, who:\n(a) Gives value;\n(b) Does not have notice of any adverse claim to the security; and\n(c) Obtains control of the certificated or uncertificated security.\n(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. [1961 c.726 §78.3030; 1985 c.676 §78.3030; 1995 c.328 §29]