Iowa Code 554.8303 – Protected purchaser
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1. “Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest therein, who:
a. gives value;
b. does not have notice of any adverse claim to the security; and
c. obtains control of the certificated or uncertificated security.
2. In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.