1. (a) “Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security, 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) In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.

Added by Acts 1996, c. 92, § 2, eff. Oct. 1, 1996.