Mich. Comp. Laws § 440.8303: “Protected purchaser” defined.

Sec. 8303.

"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:

Gives value.

Does not have notice of any adverse claim to the security.

Obtains control of the certificated or uncertificated security.

In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.