# Commercial Law (GCL)

## Title 8. Investment Securities

### Subtitle 3. Transfer of Certificated and Uncertificated Securities

#### Section 8-303

(a) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security, 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.

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Md. Code Ann., Com. Law (as displayed at mgaleg.maryland.gov, October 16, 2026)