1. (a) “Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest therein, who:

   1. (1) gives value;
   2. (2) does not have notice of any adverse claim to the security; and
   3. (3) obtains control of the certificated or uncertificated security.
2. (b) A protected purchaser acquires its interest in the security free of any adverse claim.

(Acts 1996, No. 96-742, p. 1241, §1; Act 2023-492, §1.)