8.8A-303 - A-303. Protected purchaser. - Virginia Statutes

§ 8.8A-303. Protected purchaser.

(a) "Protected purchaser" means a purchaser of a certificated oruncertificated 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 purchaseralso acquires its interest in the security free of any adverse claim.

(1996, c. 216.)