Commercial Code section 8303

(a)

“Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest therein, who does all of the following:

(1)

Gives value.

(2)

Does not have notice of any adverse claim to the security.

(3)

Obtains control of the certificated or uncertificated security.

(b)

A protected purchaser also acquires its interest in the security free of any adverse claim.

Source: Section 8303, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=COM§ionNum=8303.­ (updated Jan. 1, 2024; accessed Jun. 25, 2025).

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Verified:
Jun. 25, 2025

§ 8303's source at ca​.gov