§ 34-1-8-303

34.1-8-303. Protected purchaser. (a) 'Protected purchaser' means a purchaser of a certificated or uncertificated security, or of an interest therein, who: (i) Gives value; (ii) Does not have notice of any adverse claim to the security; and (iii) 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.