(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.
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 142, effective January 1,
1997. — Created 1958 Ky. Acts ch. 77, sec. 8-303, effective July 1, 1960.