Mich. Comp. Laws § 440.8303

Current through Public Act 171 of the 2024 Legislative Session
Section 440.8303 - "Protected purchaser" defined
(1) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest in a certificated or uncertificated security and meets all of the following:
(a) Gives value.
(b) Does not have notice of any adverse claim to the security.
(c) Obtains control of the certificated or uncertificated security.
(2) In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.

MCL 440.8303

1962, Act 174, Eff. 1/1/1964 ;--Am. 1998, Act 278, Imd. Eff. 7/27/1998.