(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. HISTORY: 1962 Code Section 10.8-303; 1966 (54) 2716; 1991 Act No. 161, Section 1; 2001 Act No. 67, Section 5.
South Carolina Legal Code