408.303 Protected purchaser. - Wisconsin Statutes

408.303

408.303 Protected purchaser.

408.303(1)

(1) In this chapter, "protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who:

408.303(1)(a)

(a) Gives value;

408.303(1)(b)

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

408.303(1)(c)

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

408.303(2)

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

408.303 - ANNOT.

History: 1997 a. 297.