Buyer bona fide ( BFP ) - referred more fully as buyer bona fide for value without notice - is a term used primarily in the jurisdiction of common law in property law and private property to refer to an innocent party who purchases property without notice of any other party's claim to the title of the property. BFP has to buy for value, which means that he has to pay for the property rather than just being the recipient of the prize. Even when a party fraudulently submits the property to the BFP (for example, by selling to a BFP property that has been submitted to someone else), the BFP will, depending on the relevant jurisdiction law, retrieve a good (legitimate) title for the property despite competing claims from others. Thus, recording a person's interest protects the owner from losing that interest to the next buyer who qualifies as BFP. In addition, some jurisdictions (called race-jurisdiction notices) require the BFP itself to record in order to enforce its rights. In any case, parties with property ownership claims will retain the cause of the action (right to sue) against the party making the fraudulent carrier.
The BFP will not be bound by fair interests that have no actual, constructive or accountable notices, as long as it has made an "inspection as it should be".
BFP is also sometimes referred to as "dear equity". However, as Jeffrey Hackney points out, the title is somewhat misleading; in cases where legal rights are granted to bona fide buyers for unannounced value, it is not so much that equity has a great affection for the buyer - it's just that equity refuses to intervene to preserve the rights it owns by a lucrative former property owner. The relationship between equity court and BFP is better characterized as benign neglect. However, equity still undoubtedly recognizes the right of beneficiary to claim against the former rightful owner of the place of sale is not appropriate.
In the United States, patent law codes for buyers bona fide , 35 USC Ã,§ 261. Unlike general law, the law bypasses a fair law and claim the title. Video Bona fide purchaser
See also
- Nemo dat quod non habet
- Insurance title in the United States
Maps Bona fide purchaser
Footnote
Source of the article : Wikipedia
0 Comments