(1) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who:

(a) Gives value;

(b) Does not have notice of any adverse claim to the security; and

(c) Obtains control of the certificated or uncertificated security.

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

Construction—Effective date—2023 c 266: See notes following RCW 62A.12-101.

Effective date—1995 c 48: See RCW 62A.11-113.