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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 8. · Article 8. INVESTMENT SECURITIES · Part 3. TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES

11-8-303. Protected purchaser.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    “Protected purchaser” means a purchaser of a certificated or uncertificated security, or of an interest therein, who:#

    1. (1)

      Gives value;#

    2. (2)

      Does not have notice of any adverse claim to the security; and#

    3. (3)

      Obtains control of the certificated or uncertificated security.#

  2. (b)

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

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-8-303, enacted by Ga. L. 1998, p. 1323, § 1; Ga. L. 2024, p. 817, § 5-39/HB 1240, effective July 1, 2024.

Amendments

The 2024 amendment, effective July 1, 2024, in subsection (b), substituted “A protected purchaser acquires” for “In addition to acquiring the rights of a purchaser, a protected purchaser also acquires”.

Editor's notes

Ga. L. 2024, p. 817, § 1-1/HB 1240, not codified by the General Assembly, provides: “This Act shall be known and may be cited as the ‘Uniform Commercial Code Modernization Act of 2024.’” Ga. L. 2024, p. 817, § 1-2/HB 1240, not codified by the General Assembly, provides: “Nothing in this Act shall be construed to support, endorse, create, or implement a national digital currency.”

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-pdf.pdf, Volume V9, 2022 edition, 2025 supplement, pages 70 to 71; merge action: replaced; file SHA-256 df9393c4ba3b.