Section 8--303. Protected Purchaser.

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. * (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. * NB Effective until June 3, 2026 * (b) A protected purchaser also acquires its interest in the security free of any adverse claim. * NB Effective June 3, 2026