Illinois Statutes
§ 8-303 — Protected purchaser
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 8 - Investment 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)A protected purchaser also acquires its interest in the security free of any adverse claim.
Free access — add to your briefcase to read the full text and ask questions with AI
Illinois § 8-303 (Protected purchaser) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Source: P.A. 103-1036, eff. 1-1-25 .)
Nearby Sections
15
§ 8-101
Short title§ 8-102
Definitions§ 8-103
§ 8-103§ 8-104
§ 8-104§ 8-105
Notice of adverse claim§ 8-106
Control§ 8-107
§ 8-107§ 8-108
Warranties in direct holding§ 8-110
Applicability; choice of law§ 8-111
Clearing corporation rules§ 8-112
Creditor's legal process§ 8-115
§ 8-115