Illinois Compiled Statutes 810 ILCS 5/8-303 – Protected purchaser
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(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
(1) gives value;
(2) does not have notice of any adverse claim to the
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security; and
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(3) obtains control of the certificated or
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uncertificated security.
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(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.