New York Uniform Commercial Code Law Section 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) In addition to acquiring the rights of a  purchaser,  a  protected
  purchaser also acquires its interest in the security free of any adverse
  claim.

Last modified: February 3, 2019