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S.C. Code Ann. § 36-8-303

Protected purchaser

Known as the Uniform Commercial Code

The act spans §§ 36–36 (519 sections).

1962 Code SECTION 10.8-303; 1966 (54) 2716; 1991 Act No. 161, SECTION 1; 2001 Act No. 67, SECTION 5.

(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: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.