(1) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest in the security, who:
(a) gives value;
(b) does not have notice of an adverse claim to the security;
(c) obtains control of the security; and
(d) for a share of stock issued by a land company or a water company:
(i) pays, or whose predecessors in interest paid, an assessment levied against the share of stock for at least four of the immediate past seven years by the land company or the water company; or
(ii) has used, or whose predecessors in interest have used, either directly or indirectly, the water available under the share of stock issued by a water company for at least four of the immediate past seven years.
(2) A protected purchaser acquires the purchaser's interest in the certificated or uncertificated security, share of stock in a land company, or share of stock in a water company free of any adverse claim.