1. (a) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who:
2. (1) Gives value;
3. (2) Does not have notice of any adverse claim to the security; and

4. (3) Obtains control of the certificated or uncertificated security.

   1. (b) A protected purchaser also acquires its interest in the security free of any adverse claim.

Source: SL 1998, ch 284 , § 1; SL 2024, ch 198 , § 42.