Texas Business & Commerce Code

§ 8.303 — PROTECTED PURCHASER

BC § 8.303Title 1. UNIFORM COMMERCIAL CODE · Ch. 8. INVESTMENT SECURITIES · Art. C. TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES

(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.

Legislative history

Amended by Acts 1995, 74th Leg., ch. 962, Sec. 1, eff. Sept. 1, 1995.