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2020 South Dakota Codified Laws
Title 57A - Uniform Commercial Code
Chapter 08 - Investment Securities
Section 57A-8-303 - Protected purchaser.
Universal Citation: SD Codified L § 57A-8-303 (2020)
57A-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.
Source: SL 1998, ch 284, ยง1.
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