Maryland Commercial Law Section 8-303

      (a)      "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security, 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.