Section 440.8303 - "Protected purchaser" defined(1) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security and meets all of the following: (b) Does not have notice of any adverse claim to the security.(c) Obtains control of the certificated or uncertificated security.(2) In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.1962, Act 174, Eff. 1/1/1964 ;--Am. 1998, Act 278, Imd. Eff. 7/27/1998.