New Delhi [India], Aug 18 ( ANI ): The Prevention of Money-Laundering Act (PMLA) Appellate Tribunal on Saturday released the attachment on flats owned by
bona fide purchasers in the 'Kingfisher Towers', which had been attached by the Enforcement Directorate (ED) in relation to fugitive liquor baron Vijay Mallya/ United Breweries Holding Limited (UBHL) case.
of
bona fide purchasers. The operative part of the judgement stipulates
they were
bona fide purchasers under this after-acquired interest
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.
Under a Notice-type statute, as soon as the second-in-time deed is delivered to a
bona fide purchaser, the prior grantee who had yet to record is divested of his or her title that conflicts with the grant to the subsequent purchaser.
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.
(85)
Bona fide purchasers (of property) without notice of the breach of fiduciary duty (or the competing interests of other parties) will have a defence based on the consideration provided: Say-Dee [2005] NSWCA 309 (Unreported, Mason P, Giles and Tobias JJA, 15 September 2005) [175], [211], [219], [234] (Tobias JA), accepting the
bona fide purchaser defence to the personal unjust enrichment claim.
* Supports amending [subsection] 701.02 (Assignment of Mortgages) to conform it to revised UCC Article 9 and provide that: 1.) perfection of UCC security interest in a pledged mortgage is governed solely by the UCC and not by [subsection] 701.02, and 2.) filing of a UCC financing statement is not "notice" under [subsection] 701.02 and does not affect reliance rights of creditors and
bona fide purchasers without notice with respect to instruments executed by the "mortgagee of record" as determined under [subsections] 701.02.
Bona fide purchasers would then qualify for federal liability protection against lawsuits filed by the federal government or third parties if they fulfill the inquiry requirements and have taken good care of the property.
Conversely, where there is fraud, then section 44 provides that only those registered proprietors who are
bona fide purchasers for value may gain the shelter of section 42.
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. Most state courts hold that a lender which has a lien on a debtor's inventory is a
bona fide purchaser of that inventory.
