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 acquires its interest in the security free of any adverse claim.

[1961 c.726 §78.3030; 1985 c.676 §78.3030; 1995 c.328 §29; 2025 c.33 §43]