US Laws, Codes, Statutes & Cases

      Sec. 42a-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.

      (1959, P.A. 133, S. 8-303; P.A. 79-435, S. 18; P.A. 97-182, S. 29.)

      History: P.A. 79-435 made technical corrections; P.A. 97-182 entirely replaced former provisions defining "broker" with provisions defining "protected purchaser" and specifying that the interest in a security acquired by a protected purchaser is free of any adverse claim, a restatement of Sec. 42a-8-302(1) and (3), revised to 1997.

      See Sec. 42a-8-102(a)(3) for successor provisions to Sec. 42a-8-303, revised to 1997, re definition of "broker".