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

1996, c. 216; 2024, c. 652.