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A.R.S. § 47-8303

Protected purchaser

Applied in 1 court decision — leading case 12 F. Supp. 2d 1114 - Clark v. Airavada Corp. (1998)

Most recently applied in 12 F. Supp. 2d 1114 - Clark v. Airavada Corp. (July 1998)

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.

Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.