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D.C. Code § 28:8-303

Protected purchaser

Known as the Uniform Commercial Code

The act spans §§ 28–28 (639 sections).

Dec. 30, 1963, 77 Stat. 736, Pub

(a) For the purposes of this article, the term “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: D.C. Law Library (Council of the District of Columbia). Reproduced from public-domain District of Columbia statutes; confirm against the official source for the current text. Not legal advice.