KRS 355.8-303: 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) A protected purchaser acquires its interest in the security free of any adverse claim.