Protected purchaser - UCC 8-303
Applied in 1 court decision — leading case Harker v. PNC Mortgage Co. (In re Oakes) (2017)
Most recently applied in Harker v. PNC Mortgage Co. (In re Oakes) (February 2017)
Effective: January 1, 1998; Latest Legislation: House Bill 170 - 122nd General Assembly
(A) 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: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.