§ 41-08-29 — (8-303) Protected purchaser

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. A protected purchaser acquires its interest in the security free of any adverse claim.