Utah § 70A-8-303 Protected purchaser.

Utah Statutes

§ 70A-8-303 — Protected purchaser.

Utah § 70A-8-303

Title 70AUniform Commercial Code

Ch. 70A-8Uniform Commercial Code - Investment Securities

Part 70A-8-3Transfer of Certificated and Uncertificated Securities

This text of Utah § 70A-8-303 (Protected purchaser.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 70A-8-303 (2026).

Text

(1)"Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest in the security, who:

(1)(a) gives value;

(1)(b) does not have notice of an adverse claim to the security;

(1)(c) obtains control of the security; and

(1)(d) for a share of stock issued by a land company or a water company:

(1)(d)(i) pays, or whose predecessors in interest paid, an assessment levied against the share of stock for at least four of the immediate past seven years by the land company or the water company; or

(1)(d)(ii) has used, or whose predecessors in interest have used, either directly or indirectly, the water available under the share of stock issued by a water company for at least four of the immediate past seven years.

(2)In addition to acquiring the rights of a

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(1) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest in the security, who:

(1)(a) gives value;
(1)(b) does not have notice of an adverse claim to the security;
(1)(c) obtains control of the security; and
(1)(d) for a share of stock issued by a land company or a water company:
(1)(d)(i) pays, or whose predecessors in interest paid, an assessment levied against the share of stock for at least four of the immediate past seven years by the land company or the water company; or
(1)(d)(ii) has used, or whose predecessors in interest have used, either directly or indirectly, the water available under the share of stock issued by a water company for at least four of the immediate past seven years.
(2) In addition to acquiring the rights of a purchaser, a protected purchaser acquires the purchaser's interest in the certificated or uncertificated security, share of stock in a land company, or share of stock in a water company free of any adverse claim.