D.C. Code § 28:8-303: Protected purchaser.

(a)

For the purposes of this article, the term “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)

A protected purchaser also acquires its interest in the security free of any adverse claim.