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. In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.

   L.1997,c.252,s.1.