bona fide purchaser

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Related to Bona Fide Purchasers: Bona fide purchaser for value without notice

bona fide purchaser

n. commonly called BFP in legal and banking circles; one who has purchased an asset (including a promissory note, bond or other negotiable instrument) for stated value, innocent of any fact which would cast doubt on the right of the seller to have sold it in good faith. This is vital if the true owner shows up to claim title, since the BFP will be able to keep the asset, and the real owner will have to look to the fraudulent seller for recompense. (See: BFP, holder in due course)

References in periodicals archive ?
but also the bona fide purchasers as the participants of civil commerce
In a system of immediate indefeasibility, bona fide purchasers for value of the fee simple interest acquire indefeasible title on registration of their interest, even if acquired from a rogue on the basis of a forged instrument.
8) But under a Race-Notice statute, title remains in the first grantee until the subsequent bona fide purchaser records.
In the Texas statute at issue, unrecorded conveyances are void as to creditors and bona fide purchasers without notice, but between the parties and as to purchasers with notice or who have not given valuable consideration, such conveyances are valid and binding.
18) The majority of texts opined that section 43 was only protective of bona fide purchasers for value without notice, that is, buyers in good faith paying a fair purchase price and wholly unaware of any irregularities regarding the vendor's right to sell.
Other relevant portions of the administration's bill which impact municipalities include the conditional exemption from liability for bona fide purchasers of contaminated property, and the provision of technical assistance to municipalities to conduct site characterizations for facilities at which voluntary response actions are being conducted.
State law subordinates a seller's reclamation rights to the rights of bona fide purchasers.
For a long time, some owners have felt stuck in their units because bona fide purchasers were being given the run-around by lenders.
Even if the mortgage were recorded within the 10-day grace period permitted under the Bankruptcy Code, the transfer still may not be perfected under state law against bona fide purchasers from the debtor.
obtained valid legal title to the Bahia Emerald and alleges that it also has an equitable claim to title as bona fide purchasers of the Bahia Emerald based on its seven-figure payment for the Bahia Emerald.
The current rent is PS27,500 a year plus VAT and a full inventory would be made available to bona fide purchasers.