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.
[C66, 71, 73, 75, 77, 79, 81, §554.8303]
89 Acts, ch 113, §18; 96 Acts, ch 1138, §36, 84
Referred to in §554.8102, 554.9102