N.Y. Uniform Commercial Code Law § 8-303: Protected Purchaser

Section 8--303. 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) A protected purchaser also acquires its interest in the security

free of any adverse claim.