11 §8-1303. Protected purchaser
Title 11: UNIFORM COMMERCIAL CODE
Article 8-A: INVESTMENT SECURITIES HEADING: PL 1997, C. 429, PT. B, §2 (NEW)
Part 3: TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES HEADING: PL 1997, C. 429, PT. B, §2 (NEW)
§8-1303. Protected purchaser
(1). "Protected purchaser" means a purchaser of a certificated or uncertificated security or of an interest in a certificated or uncertificated security who:
(a). Gives value; [1997, c. 429, Pt. B, §2 (NEW).]
(b). Does not have notice of any adverse claim to the security; and [1997, c. 429, Pt. B, §2 (NEW).]
(c). Obtains control of the certificated or uncertificated security. [1997, c. 429, Pt. B, §2 (NEW).]
[ 1997, c. 429, Pt. B, §2 (NEW) .]
(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.
[ 1997, c. 429, Pt. B, §2 (NEW) .]
SECTION HISTORY
1997, c. 429, §B2 (NEW).