§ 75-8-303. Protected purchaser

“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.

In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.