Protected purchaser
Known as the Uniform Commercial Code
The act spans §§ 4–4 (597 sections).
Applied in 1 court decision — leading case Timberland Bancshares, Inc. v. Garrison (In re Lee) (2011)
Most recently applied in Timberland Bancshares, Inc. v. Garrison (In re Lee) (November 2011)
Acts 1995, No. 425, § 1.
(1) “Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest therein, who: gives value;
(2) does not have notice of any adverse claim to the security; and
(3) obtains control of the certificated or uncertificated security.
(4) In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.