554.8303  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.

Section History: Early form

  [C66, 71, 73, 75, 77, 79, 81, § 554.8303]

Section History: Recent form

  89 Acts, ch 113, § 18; 96 Acts, ch 1138, § 36, 84

Internal References

  Referred to in § 554.8102, 554.9309

Footnotes

  1996 amendment takes effect July 1, 1997; 96 Acts, ch 1138, § 84; for provisions governing the continued perfection of security interests that are perfected as of July 1, 1997, see 96 Acts, ch 1138, § 80, 84; for law prior to July 1, 1997, see § 554.8302, Code 1995

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