<?xml version='1.0' encoding='utf-8'?>
<section article="gcl" article_name="Commercial Law" number="8-303" title_number="8" title_name="Investment Securities" subtitle_number="3" subtitle_name="Transfer of Certificated and Uncertificated Securities">
  <level label="a">
    <text>“Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security, who:</text>
    <level label="1">
      <text>Gives value;</text>
    </level>
    <level label="2">
      <text>Does not have notice of any adverse claim to the security; and</text>
    </level>
    <level label="3">
      <text>Obtains control of the certificated or uncertificated security.</text>
    </level>
  </level>
  <level label="b">
    <text>In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.</text>
  </level>
</section>
