Sec. 8.303.  PROTECTED PURCHASER.  (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.
Amended by Acts 1995, 74th Leg., ch. 962, Sec. 1, eff. Sept. 1, 1995.