408.303 Protected purchaser. (1) In this chapter, 'protected purchaser' means a purchaser of a certificated or uncertificated security, or of an interest therein, who:(a) Gives value;(b) Does not have notice of any adverse claim to the security; and(c) Obtains control of the certificated or uncertificated security.(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.History: 1997 a. 297.
Wisconsin Legal Code