Effective - 28 Aug 1997
400.8-303. 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) In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.
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(L. 1963 p. 503 § 8-303, A.L. 1992 S.B. 448, A.L. 1997 S.B. 6)