Section 8-303 - Protected purchaser. - Maryland Statutes

§ 8-303. Protected purchaser.
 

(a)  "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security, who: 

(1) Gives value; 

(2) Does not have notice of any adverse claim to the security; and 

(3) Obtains control of the certificated or uncertificated security. 

(b)  In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim. 
 

[1996, ch. 92, § 2.]