678.3031
Protected purchaser.
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678.3031 Protected purchaser.—
(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.
(c) Obtains control of the certificated or uncertificated security.
(2) A protected purchaser acquires its interest in the security free of any adverse claim.
History.—s. 3, ch. 98-11; s. 66, ch. 2025-92.
Notes of Decisions
Cited in 2
cases, 2005–2007 · leading case: Travelers Cslty &Sur v. Whitehouse-Franklin
Travelers Cslty &Sur v. Whitehouse-Franklin (2007)
“See Fla. Stat. Ann. § 678.3031 (1). To qualify as a “protected purchaser” of a security, a party must (1) “[g]ive value,” (2) have no “notice of any adverse claim to the security,” and (3) [o]btain[] control .”
State v. Moore (2005)
“§ 678.3031(1). The law firm is a protected purchaser because the stock certificate served as collateral or security for Moore’s monetary obligation to the firm, and the firm remained in actual physical possession of the certificate at all times.”
— 678.3031(1) — 1 case
State v. Moore (2005)
“§ 678.3031(1). The law firm is a protected purchaser because the stock certificate served as collateral or security for Moore’s monetary obligation to the firm, and the firm remained in actual physical possession of the certificate at all times.”
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