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Slang for bona fide purchaser.Category: Business, LLCs & Corporations → Buying or Selling a BusinessCategory: Real Estate & Rental Property → Buying a House
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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USAbona fide purchaser, Also known as BFP, bona fide purchaser for value, good-faith purchaser, innocent purchaser for value, purchaser in good faith.Innocent purchaser of property who purchases for value without notice of any other party's claim against the property. So long as a bona fide purchaser properly records the transaction, the bona fide purchaser takes good title to the property despite competing adverse claims. Those parties holding competing adverse claims may bring an action only against the party who fraudulently transferred the property to the bona fide purchaser.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
- BFP
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abbr. Bona fide purchaser.=>> purchaser.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
- BFP
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n.slang for bona fide purchaser, which means someone who purchased something (e.g. a bond, a promissory note, or jewelry) with no reason to be suspicious that it was stolen, belonged to someone else, or was subject to another party's claim. The BFP must have paid a full and fair price and have received the item in the normal course of business, otherwise he/she might have some doubts ("wanta buy a watch, cheap?" from a character on a street corner).See also: bona fide purchaser
Law dictionary. EdwART. 2013.
