South Carolina Statutes
§ 36-8-303 — 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.
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Legislative History
HISTORY: 1962 Code SECTION 10.8-303; 1966 (54) 2716; 1991 Act No. 161, SECTION 1; 2001 Act No. 67, SECTION 5.
Nearby Sections
15
§ 36-8-101
Short title.§ 36-8-102
Definitions.§ 36-8-103
Rules for determining whether certain obligations and interests are securities or financial assets.§ 36-8-105
Notice of adverse claim.§ 36-8-106
Control.§ 36-8-108
Warranties in direct holding.§ 36-8-109
Warranties in indirect holding.§ 36-8-110
Applicability; choice of law.§ 36-8-111
Clearing corporation rules.§ 36-8-112
Creditor's legal process.§ 36-8-113
Statute of frauds inapplicable.