47-8-303 - Protected purchaser. - Tennessee Statutes

47-8-303. 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.

[Acts 1997, ch. 79, § 1.]