18:20
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Simple English definitions for legal terms
bona fide purchaser
Read a random definition: Texas
A quick definition of bona fide purchaser:
A bona fide purchaser is someone who buys something without knowing that it was stolen or that the person selling it didn't have the right to sell it. If they did know, they can't be a bona fide purchaser. This status gives them special protections under the law, like being able to keep the thing they bought even if someone else says it belongs to them. But sometimes people argue about whether someone really is a bona fide purchaser or not.
A more thorough explanation:
A bona fide purchaser is someone who buys property without knowing that there are any problems with the sale. This means that the buyer did not have any reason to suspect that the seller did not have the right to sell the property.
For example, if someone buys a car from a seller who stole it, they are not a bona fide purchaser because they knew that the car was stolen. On the other hand, if someone buys a car from a seller who had the right to sell it, but it turns out that the seller did not actually own the car, the buyer may still be a bona fide purchaser if they did not have any reason to suspect that the seller did not own the car.
Being a bona fide purchaser gives the buyer certain legal protections. For example, if someone else comes forward and claims that they actually own the property, the bona fide purchaser may still be able to keep the property. However, if the buyer knew that there was a problem with the sale, they would not be protected.