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To buy; the transfer of property from one person to another by an agreement. Under the Uniform Commercial Code (UCC), taking by sale, discount, negotiation, mortgage, pledge, lien, issue, reissue, gift, or any voluntary transaction.


verb acquire, acquire ownership of, assume ownership, buy, buy up, collect, gain, invest in, make payment for, obtain, order, pay for, pick up, procure, prooure title to, redeem, secure, secure for a consideration
Associated concepts: words of purchase
See also: acquire, buy, commerce, deal, leverage, procure, secure, takeover, trade, transaction

PURCHASE. In its most enlarged and technical sense, purchase signifies the lawful acquisition of real estate by any means whatever, except descent. It is thus defined by Littleton, section 12. "Purchase is called the possession of lands or tenements that a man hath by his own deed or agreement, unto which possession he cometh, not by title of descent from any of his ancestors or cousins, but by his own deed."
     2. It follows, therefore, that not only when a man acquires an estate by buying it for a good or valuable consideration, but also when it is given or devised to him be acquires it by purchase. 2 Bl. Com. 241.
     3. There are six ways of acquiring a title by purchase, namely, 1. By, deed. 2. By devise. 3. By execution. 4. By prescription. 5. By possession, or occupancy. 6. By escheat. In its more limited sense, purchase is applied only to such acquisitions of lands as are obtained by way of bargain and sale for money, or some other valuable consideration. Id. Cruise, Dig. tit. 30, s. 1, to 4; 1 Dall. R. 20. In common parlance, purchase signifies the buying of real estate and of goods and chattels.

References in periodicals archive ?
Despite years of advocacy from the campus Environmental Alliance, the majority of paper purchased by the university contains zero recycled content.
Thus, the Controlled stock is no longer treated as purchased, and therefore is not disqualified stock.
Finally, investigators should note the number of firearms purchased and the frequency of the purchases.
11) Note that the only tax at issue here is the state and local sales and use tax on goods and services purchased by the card user for its own use and consumption.
Examiners gather additional information from loan application files, including data on the value of the property being purchased and on the applicant's credit history, debts, and employment history.
The cost of using insurance to fund the purchase of a decedent's stock would be reduced by using a joint-life policy with a value equal only to the value of the stock being purchased, rather than the larger value discussed previously.
target shareholder of the CFC receives a reduced basis in the CFC stock and the purchaser receives a carryover basis in the asset purchased.
In light of Kohler, the Court of Federal Claims issued a second opinion acquiescing to the IRS's argument that the inventory purchased at a bargain should be treated as a separate item.
The Commissioner argued the 200 shares purchased for cash should be included in the reorganization and, therefore, all gain or loss on the shares received by the shareholders should be recognized.
Under current regulations, ADSP is determined with reference to the "grossed-up basis in the purchaser's recently purchased stock.
Shareholders whose shares are purchased in the tender offer will be paid the purchase price in cash, without interest, promptly after the expiration of the tender offer.
Under Hamilton and Kohler, goods acquired at a substantial discount from current cost, even though physically identical to goods subsequently purchased or produced, must be accounted for as separate items under the dollar-value LIFO method, because of their substantially different cost characteristics.

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