Protected purchaser

(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) A protected purchaser also acquires its interest in the security free of any adverse claim. Source: SL 1998, ch 284, § 1; SL 2024, ch 198, § 42.