12A:8-303 - Protected Purchaser - New Jersey Statutes

12A:8-303.  Protected Purchaser.

a.  "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, 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.

L.1997,c.252,s.1.