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LSDefine

Simple English definitions for legal terms

bona fide purchaser for value

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A quick definition of bona fide purchaser for value:

A bona fide purchaser for value is someone who buys something for money or something else valuable without knowing that someone else has a claim to it or any problems with the seller's ownership. They are considered innocent and have the right to the property they bought. It can apply to buying anything, like a house or a car.

A more thorough explanation:

A bona fide purchaser for value is someone who buys property for money or other valuable consideration without knowing about any other claims to the property. They have paid for the property in good faith and without any knowledge of any defects or problems with the seller's title. This means that they have a superior right to the property compared to the seller's creditors, to the extent of the consideration they paid.

For example, if someone buys a car from a seller who has outstanding debts, but the buyer had no knowledge of these debts, they are considered a bona fide purchaser for value. They have a superior right to the car compared to the seller's creditors, to the extent of the money they paid for the car.

Another example is if someone buys a house from a seller who has a pending lawsuit over the property, but the buyer had no knowledge of the lawsuit. The buyer is still considered a bona fide purchaser for value and has a superior right to the property compared to the seller's creditors, to the extent of the money they paid for the house.

bona fide possession | bona fides

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