Illinois Compiled Statutes 810 ILCS 5 Uniform Commercial Code. Section 8-303

    (810 ILCS 5/8-303) (from Ch. 26, par. 8-303)

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

(Source: P.A. 89-364, eff. 1-1-96.)

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Last modified: February 18, 2015