Investment Securities (UCC Article 8) 

Tennessee Code > Title 47 > Chapter 8 > Part 3 > § 47-8-303. 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.

[Acts 1997, ch. 79, § 1.]

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