Iowa Code § 554.8303: Protected purchaser.

1. “Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest therein, who:

a. gives value;

b. does not have notice of any adverse claim to the security; and

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.