Title 8.8A. Commercial Code — Investment Securities
Part 3. Transfer of Certificated and Uncertificated Securities
§ 8.8A-303. (Effective until July 1, 2025) Protected purchaser. (2024 updated section)
(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.
1996, c. 216.
8.8A-303. (Effective July 1, 2025) Protected purchaser (2024 updated section)
(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.
The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.
