Bona Fide Purchaser

(redirected from Bona Fide Purchasers)
Also found in: Dictionary, Thesaurus, Legal, Financial.
Related to Bona Fide Purchasers: Bona fide purchaser for value without notice

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).

References in periodicals archive ?
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.
any state or federal law that would operate to allow a creditor to avoid or take priority over a transfer of an interest in real property, regardless of whether the borrower is bankrupt or insolvent), then the claims of actual lien creditors or bona fide purchasers from the borrower rather than the claims of "hypothetical lien creditors" would be excluded from insurance coverage.
The current rent is PS27,500 a year plus VAT and a full inventory would be made available to bona fide purchasers.
You need 15 percent bona fide purchasers to declare," Rozenholc noted.
Trading figures will be made available to bona fide purchasers upon or after viewing.
The Morrison Group obtained valid legal title to the Bahia Emerald in 2008, 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.