Section 11-8-303. Protected purchaser

   (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.

Code 1981, § 11-8-303, enacted by Ga. L. 1998, p. 1323, § 1.