§ 25-8-303. Protected purchaser. - North Carolina Statutes

§25‑8‑303.  Protected purchaser.

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

(1)        Gives value;

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

(3)        Obtains control ofthe certificated or uncertificated security.

(b)        In addition toacquiring the rights of a purchaser, a protected purchaser also acquires itsinterest in the security free of any adverse claim. (1965, c. 700, s. 1; 1997‑181,s. 1.)