Ala. Code § 7-8-303

Current with legislation from 2024 effective through May 17, 2024.

Section 7-8-303 - [Effective Until 7/1/2024] 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.

Ala. Code § 7-8-303 (1975)

Acts 1996, No. 96-742, p. 1241, §1.

This section is set out more than once due to postponed, multiple, or conflicting amendments.