2016 Arizona Revised Statutes
Title 47 - Uniform Commercial Code
§ 47-8303 Protected purchaser
47-8303. 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.
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