Arizona Laws 47-8303. Protected purchaser
A. "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who:
Terms Used In Arizona Laws 47-8303
- Adverse claim: means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer or deal with the financial asset. See Arizona Laws 47-8102
- Security: except as otherwise provided in section 47-8103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer:
(a) Which is represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;
(b) Which is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and
(c) Which:
(i) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or
(ii) Is a medium for investment and by its terms expressly provides that it is a security governed by this chapter. See Arizona Laws 47-8102
- Uncertificated security: means a security that is not represented by a certificate. See Arizona Laws 47-8102
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.