bona fide


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Bona Fide

[Latin, In good faith.] Honest; genuine; actual; authentic; acting without the intention of defrauding.

A bona fide purchaser is one who purchases property for a valuable consideration that is inducement for entering into a contract and without suspicion of being defrauded or deceived by the seller. He or she has no notice of any defects of the title. A bona fide purchaser pays in Good Faith full value for the property and, without any Fraud, goes into possession.

bona fide

adj. Latin for "good faith," it signifies honesty, the "real thing" and, in the case of a party claiming title as "bona fide" purchaser or holder, it indicates innocence or lack of knowledge of any fact that would cast doubt on the right to hold title.

bona fide

adjective aboveboard, accurate, actual, as represented, candid, faithful, forthright, genuine, honest, honorable, in good faith, ingenuous, intended, just, meant, open, plain-speaking, principled, real, reliable, rightful, scrupulous, straightforward, trustworthy, unaffected, uncounterfeited, undisguised, undissembling, undistorted, unexaggerated, unfaked, unfeigned, unperfidious, unpretended, unpretentious, unreserved, unspecious, unspurious, veracious, veridical
Associated concepts: bona fide assignment, bona fide belief, bona fide business purpose, bona fide claimant, bona fidecontroversy, bona fide creditors, bona fide domicile, bona fide holder, bona fide holder for value, bona fide holder in due course, bona fide labor dispute, bona fide members, bona fide operation, bona fide purchaser in good faith, bona fide sale, bona fide seller
See also: accurate, actual, adherence, adhesion, corporeal, de facto, devotion, genuine, good faith, in good faith, loyalty, sterling, valid, veridical

BONA FIDE. In or with good faith.
     2. The law requires all persons in their transactions to act with good faith and a contract where the parties have not acted bona fide is void at the pleasure of the innocent party. 8 John. R. 446; 12 John. R. 320; 2 John. Ch. R. 35. If a contract be made with good faith, subsequent fraudulent acts will not vitiate it; although such acts may raise a presumption of antecedent fraud, and thus become a means of proving the want of good faith in making the contract. 2 Miles' Rep. 229; and see also, Rob. Fraud. Conv. 33, 34; Inst. 2, 6 Dig. 41, 3, 10 and 44; Id. 41, 1, 48; Code, 7, 31; 9 Co. 11; Wingate's Maxims, max. 37; Lane, 47; Plowd. 473; 9 Pick. R. 265; 12 Pick. R. 545; 8 Conn. R. 336; 10 Conn. R. 30; 3 Watts, R. 25; 5 Wend. R. 20, 566. In the civil law these actions are called (actiones) bonae fidei, in which the judge has a. more unrestrained power (liberior potestas) of estimating how much one person ought to give to or do, for another; whereas, those actions are said to be stricti juris, in which the power of the judge is confined to the agreement of the parties. Examples of the foraier are the actions empti-venditi, locati-conducti, negitiorum gestorum, &c.; of the latter, the actions ex mutus, ex chirographo, ex stipilatu, ex indebito, actions proescriptis verbis, &c.

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The value of the gross estate shall include the value of all property to the extent of any interest therein of which the decedent has at any time made a transfer (except in the case of a bona fide sale for an adequate and full consideration in money or money's worth), by trust or otherwise, under which he has retained for his life or for any period not ascertainable without reference to his death or for any period which does not in fact end before his death--