Ala. Code § 7-8-303 (2026)

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

(Acts 1996, No. 96-742, p. 1241, §1; Act 2023-492, §1.)