Protected Purchaser.
Ala. Code § 7-8-303
in effect7-8-303. 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 acquires its interest in the security free of any adverse claim.
(Acts 1996, No. 96-742, p. 1241, §1; Act 2023-492, §1.)
Source: Alabama Legislature (alison.legislature.state.al.us)URL: https://alison.legislature.state.al.us/code-of-alabama#7-8-303Fetched: 10/20/2026