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.
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.

HISTORY: 1962 Code Section 10.8-303; 1966 (54) 2716; 1991 Act No. 161, Section 1; 2001 Act No. 67, Section 5.