(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.
L. 1996, ch. 202, § 56; July 1.