Legal Definition and Related Resources of Bona fide purchaser

One who buys property without notice, actual or constructive, that some third person has a right to or interest in it, and pays a full and fair price for it at the time of such purchase, or before he has notice of the claim or interest of such third person. 66 Barb. (N. Y.) 227. If he has paid but a part of the consideration, he is a bona fide purchaser pro tanto only. 3 Barb, Ch. (N. Y.) 498. There must be (a) absence of notice or of suspicious circumstances tending to put a reasonably cautious man on inquiry (12 Barb. [N. Y.] 605), and (b) a present valuable consideration, a good consideration (49 N. Y. 286), or one that is past (52 N. Y. 138) or executory (14 Mich. 514), being insufficient. The term implies an actual reliance in good faith on the apparent right of the seller. 28 Ga. 170.

What does Bona Fide Purchaser mean in American Law?

The definition of Bona Fide Purchaser in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

bona fide purchaser [for value without notice]. Ordinarily one who sells something cannot convey better title than he has. If, e.g., a thief sells a diamond ring he has just stolen, the buyer does not get title as against the true owner. And if one buys title to a house from a mere lessee, one might get the rest of his lease, but one does not get the house; it wasn”t the lesslee]”s to sell.

Under some circumstances, however, a buyer may get title good against the whole world even if his immediate seller didn”t have it. More particularly, this will often occur when the buyer is a “bona fide purchaser for value without notice” (frequently referred to in shorthand merely as “bona fide purchaser” or even “bfp”). If the buyer bought in good faith, gave value for whatever he bought, and had neither actual knowledge nor notice (nor, in some contexts, reason to inquire) of any defect in his seller”s title or limitation upon his seller”s full power to convey what he purported to convey, such a purchaser will get title even if his seller was really unauthorized or even a thief. The idea seems to be that since there are two innocent people involved (the theft victim and the bona fide purchaser), someone guiltless will have to take a loss, and it may sometimes be fair to let it be the original true owner.

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This definition of Bona Fide Purchaser Is based on the The Cyclopedic Law Dictionary . This definition needs to be proofread..

Vocabularies (Semantic Web Information)

Concept of Bona Fide Purchaser in the context of Real Property

A short definition of Bona Fide Purchaser: A purchaser in good faith, for valuable consideration, without notice or knowledge of adverse claims of others. Sometimes abbreviated to B.F.P.

Concept of Bona Fide Purchaser in the context of Real Property

A short definition of Bona Fide Purchaser: A purchaser in good faith, for valuable consideration, without notice or knowledge of adverse claims of others. Sometimes abbreviated to B.F.P.