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Bona Fide Purchaser
Bona Fide Purchaser in civil law, a person who has acquired property without knowing that the person from whom he has acquired it did not have the right to sell, give, or exchange it. The sale of stolen or found goods, in particular, is unlawful. The bona fide purchaser is the person who not only did not know but also should not have known and could not have known of the unlawfulness of his acquisition. This means that when acquiring a particular article one must exercise caution; for example, the acquisition of an article at too low a price under suspicious circumstances may serve as the basis for concluding that the purchaser, although he did not know for certain, could have and should have assumed that he was acquiring a stolen article. A purchaser who knew or should have known of the unlawfulness of the transaction is recognized as a bad-faith purchaser. Good faith in acquisition is very important in the recovery by an owner of property in the unlawful possession of another person; for example, in Soviet civil law money and securities may not be recovered from a bona fide purchaser. If property has been purchased for value by a bona fide purchaser, the owner may recover his property from the purchaser only in cases that are strictly defined by law (Civil Code of the RSFSR, arts. 152 and 153). bona fide purchaser
bona fide purchasern. 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) bona fide purchaser
Bona Fide PurchaserThe purchaser of a property who does not know the seller lacks the right to sell it. The bona fide purchaser, because he is unaware of competing claims to the property, is usually considered the proper owner. However, most of the time the owner with the true claim to the property may sue the seller. In any case, the bona fide purchaser is held harmless in the transaction.bona fide purchaser (BFP)One who purchases property in good faith and for a valuable consideration without knowledge,actual or constructive,of the seller's title defects.Under certain circumstances,BFPs may retain the property free and clear of the claims of others.(As a practical matter,it is difficult to be a BFP of real property because of the constructive notice provided by public filings of almost all real estate-related claims.)AcronymsSeeBFP |