Section 400.8-303

Title XXVI TRADE AND COMMERCE

Chapter 400

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)