N.Y. U.C.C. Law § 8-303

Current through 2024 NY Law Chapter 443

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.

N.Y. U.c.c. Law § 8-303