§ 46-8-303 — Protected purchaser

West Virginia § 46-8-303

• Jurisdiction: West Virginia
• Ch. 46: UNIFORM COMMERCIAL CODE
• Art. 8: INVESTMENT SECURITIES

Text

(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.

Legislative History

1995 Reg. Sess., SB441; 1979 Reg. Sess., SB110