30-8-333. Protected purchaser. (1) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who:
     (a) gives value;
     (b) does not have notice of any adverse claim to the security; and
     (c) obtains control of the certificated or uncertificated security.
     (2) 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: En. Sec. 49, Ch. 536, L. 1997.