A.R.S. § 47-8303: 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.