“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. [1961 c.726 §78.3030 (“Protected purchaser”); 1985 c.676 §78.3030 (“Protected purchaser”); 1995 c.328 §29]
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