Ariz. Rev. Stat. § 47-8303 – Protected purchaser

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.
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.