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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 ?
AP should collect all questions for purchasing in a file handed over at day's end.
Small businesses don't have to do business with the government in order to take advantage of the purchasing card, says Gary Rice, senior account executive at Atlanta-based Global Payments Inc.
So now is "career opportunity time" for execs in purchasing, and those above them, says Tom Fitzgerald, CEO of E&I (www.
Gateway's eSource saves time, lowers operating costs and streamlines the purchasing chain--while also offering discounts on Gateway products.
Snarr agrees that online purchasing is not for everyone.
When a purchase card program is planned, few managers initially recognize that its implemention often resolves most, if not all, of the control issues that once consumed significant attention of the accounting and purchasing departments.
Procurement card programs can substantially reduce the costs of purchasing operations, particularly for "high volume/low dollar" transactions.
Among these are acquiring a larger share of new conventional loans extended to these borrowers, purchasing seasoned loans to low-income borrowers from portfolio lenders, and expanding new mortgage programs with liberalized underwriting guidelines to compete with government-backed and with depositories' portfolio loan programs.
Purchasing entities are set up for a number of reasons and typically satisfy more than one corporate objective.
As originally enacted, section 338 generally provided that a corporation purchasing 80 percent or more of the stock of a target corporation could elect to have the target treated as if it had sold all of its assets to a new corporation in a transaction to which former section 337 applied.

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