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. 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.