S.C. Code Ann. § 36-8-303 – Protected purchaser

(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.

HISTORY: 1962 Code Section 10.8-303; 1966 (54) 2716; 1991 Act No. 161, Section 1; 2001 Act No. 67, Section 5. "Adverse claim" Section 8-102(a)(1) "Certificated security" Section 8-102(a)(4) "Control" Section 8-106 "Notice of adverse claim" Section 8-105 "Purchaser" Sections 1-201(33) & 8-116 "Uncertificated security" Section 8-102(a)(18) "Value" Sections 1-201(44) & 8-116