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

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

History: En. Sec. 49, Ch. 536, L. 1997; amd. Sec. 44, Ch. 200, L. 2025.