Monday, 2 April 2012

B is for Bona fide purchaser

I'm finding the old, Latin phrases used in law quite useful today with regards to awkward letters that hardly cover anything to do with Law.
This particular phrase is concerned with good old Land Law, an area which blesses me with an exam I will be sitting this coming May.

Bona fide is the Latin phrase meaning 'in good faith'.
Bona fide purchaser (BFP) refers to an innocent party who purchases property in good faith without notice of any defect in title of that property. They must purchase for value, which means that they must pay for the property, rather than being the beneficiary of a gift. They are also known as 'Equity's Darling', and the complete term for a BFP is a bona fide purchaser for value without notice.
A BFP will not be bound by equitable interests which he/she has no actual or imputed notice, as long as they made such inspections as ought reasonably to have been made. 
Under certain circumstances the BFP can retain the property free and clear of the claims of others. The other party will have a right of action against the fraudulent party for compensation. 

Well after reading and re-reading, I can't help but conclude that my B is a very boring topic. We can always hope C will be a much better read!


  1. Interesting--using the alphabet to teach law. Looking forward to seeing what C is...

    1. Thank you, I'm finding it quite difficult but enjoyable :)

  2. I can see a legal romance novel being called EQUITY'S DARLING. Someone's probably done that already. This is an interesting and fun way to help you remember stuff for your exams, and educate the rest of us. Thanks, Katie! And I hope you enjoy the A-to-Z challenge. :)

    1. Ha, I like that. I imagine it may well have been used already, but your creativity is impressive. I would never have thought of it in that context - its what law does to you. Thanks for reading, and I am enjoying it immensely, educating myself as well as everyone else :)