2013 New York Consolidated Laws
UCC - Uniform Commercial Code
Article 8 - INVESTMENT SECURITIES
Part 3 - (8-301 - 8-307) TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES
8-303 - Protected Purchaser.

 
  Section 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.