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BONA FIDE PURCHASER/RECORDING ACTS/CONSTRUCTIVE NOTICE/WILD DEED The Utah Supreme Court has held that purchaser of land through a "wild deed" is not entitled to protected status as a "bona fide purchaser," under Utah's Recording Statute. The Court of Appeals affirmed, announcing a new "apparent title rule" whereby a purchaser may claim bona fide purchaser status where the land records were silent as to ownership, "if the grantor had apparent legal title, even if he or she did not have perfect legal title."  Again, the County appealed. Such a purchaser, the Court said, is not entitled to protection as a bona fide purchaser under Utah's Recording Statute (Utah Code section 57-3-103). www.firstam.com /landsakes/html/email/081104bona.html   (646 words)

Bona fide purchaser - Wikipedia, the free encyclopedia A bona fide purchaser (BFP)—or bona fide purchaser for value without notice (BFPFVWN)—in the law of real property, is an innocent party who purchases property for value, without notice of any other party's claim to the title of that property. Where a party fraudulently conveys property (typically real estate, such as land or houses) under a false title to a BFP, that BFP takes good title to the property, while the original owner will have a cause of action against the party who made the fraudulent conveyance. In the United States, the patent law codifies the bona fide purchaser rule, 35 U.S.C. Unlike the common law, the statute cuts off both equitable and legal claims to the title. en.wikipedia.org /wiki/Bona_fide_purchaser   (170 words)

Jones Day - Publications - In Brief: Limitations on Trustee’s Strong Arm Powers However, the extent of the trustee's rights as a bona fide purchaser of real property is measured by the substantive law of the state governing the property in question. A hypothetical bona fide purchaser under section 544(a)(3) is a purchaser who under state law could have conducted a title search, paid value for the property and perfected his interest as a legal title holder as of the date of the commencement of the case. The trustee, just as a hypothetical purchaser, is amenable to state recording statutes and other non-bankruptcy laws which would prevent him from properly perfecting a transfer from the debtor at the time of the commencement of the case. www.jonesday.com /pubs/pubs_detail.aspx?pubID=S1906   (588 words)

March 1999 Real Property Newsletter   (Site not responding. Last check: 2007-10-15) purchase at the sale constituted a redemption since he was not a bona fide purchaser without knowledge of defects in title. It further held that since Jaster's purchase of the property occurred after the expiration of the redemption period it was not a redemption. A bona fide purchaser takes such title free of any interest of third persons except such interest of which he or she has notice. www.illinoisbar.org /Sections/RealEstate/3-99b.htm   (2519 words)

6323 - Bona Fide Purchaser for Value p3 In this proceeding, as a result of the transfer of the Property to a bona fide purchaser, the IRS no longer had a lien on the Property; nor, accordingly, on the proceeds obtained by the Trustee in compromise of his various causes of action. Validity of lien: Bona fide purchaser.--The IRS did not wrongfully levy against bond interest coupons obtained by transferees from a debtor in a chapter 7 bankruptcy proceeding who was convicted of failing to disclose the existence of the bonds and coupons to the bankruptcy court. Their alleged status as bona fide purchasers under section 6323(b)(1)(B) did not appear in either complaint or in plaintiffs' joint motion for summary judgment. www.irstaxattorney.com /liens/part5-liens/continued/6323-Bona_Fide_Purchaser_for_Value_p3.html   (8693 words)

Title News   (Site not responding. Last check: 2007-10-15) A purchaser who has completed the examination of the basic conveyances comprising the chain of title must ascertain whether the property is encumbered by mortgages. The intended purchase must be presumed to have investigated the title, and to have examined every deed or instrument properly recorded, and to have known every fact disclosed or to which an inquiry suggested by the record would have led... If the purchaser fails to use due diligence in examining the title, he or she is chargeable, as a matter of law, with notice of the facts which a proper inquiry would have disclosed... www.monroetitle.com /title_news.asp?feed=apr03   (648 words)

RHONE-POULENC AGRO, S.A v.DeKALB GENETICS CORPORATION To some extent the bona fide purchase defense in patent cases is governed by a federal statute. We thus must address the question, not reached by this court in Heidelberg Harris, whether the bona fide license defense to a patent infringement claim, not directly governed by section 261, is a matter of state or federal common law. bona fide purchaser for a valuable consideration and without notice of existing equities is applicable solely to the purchaser of a legal title or interest. www.ll.georgetown.edu /federal/judicial/fed/opinions/00opinions/00-1266.html   (3751 words)

FROF Articles - PA Superior Court Extends Recording Act   (Site not responding. Last check: 2007-10-15) The Court reasoned that Pennsylvania law permits a bona fide purchaser for value to convey good title to property to a buyer, even if the buyer has actual notice that the bona fide purchaser`s title may be inferior to another`s title. The purpose of this rule is to "prevent a stagnation of property and to protect the first purchaser, who, being entitled to hold and enjoy, must equally be entitled to sell." Id. Under this rationale, the Court extended protection to devisees and heirs who take from a bona fide purchaser for value. The Court reasoned that the protection is not to benefit the heir or the devisee, but to permit a bona fide purchaser to convey his or her land to whomever he or she wishes. www.frof.com /articles/artDetail.asp?id=186   (756 words)

FindLaw for Legal Professionals - Case Law, Federal and State Resources, Forms, and Code We hold that the bona fide purchaser defense is governed by federal law and is not available to non-exclusive licensees in the circumstances of this case. At common law, a bona fide purchaser (also known as a "good faith buyer") who acquired title to personal property was entitled to retain the property against the real owner who had lost title to the property, for example, by fraud. Generally, a bona fide purchaser is one who purchases legal title to property in good faith for valuable consideration, without notice of any other claim of interest in the property. caselaw.lp.findlaw.com /scripts/getcase.pl?court=fed&navby=case&no=001266r   (5192 words)

118 Wn.2d 498, P.2d 706, TOMLINSON v. CLARKE A good faith purchaser of real property under a real estate contract who has no actual or constructive notice of another party's prior interest in the property may take advantage of the bona fide purchaser doctrine to prove an interest in the property superior to the interest of the other party. 344 reversed the judgment and granted judgment in favor of the second purchasers, holding that the second purchasers had the status of bona fide purchasers for value and that their interest was superior to that of the first purchasers. The sole issue is whether a purchaser who is buying land under a real estate contract can be a bona fide purchaser and, as a consequence, have an interest in the land that is superior to a prior unrecorded interest of another purchaser who also is buying the land under a real estate contract. www.mrsc.org /mc/courts/supreme/118wn2d/118wn2d0498.htm   (4109 words)

Mattox Letter Opinion No. 89-034 An innocent purchaser of real property, often referred to as a bona fide purchaser, is one who in good faith purchases the property for a valuable consideration without notice of adverse claims against the property. Consequently, the second purchaser would be entitled to bring a cause of action to remove the cloud cast on his title by the unrecorded easement after he purchases and acquires an interest in the property. An "innocent purchaser" has been distinguished from a "bona fide purchaser" in that the former may acquire title free from certain undisclosed equities that bound the immediate grantee, provided the acquisition is without notice. www.oag.state.tx.us /opinions/lo47mattox/lo89-034.htm   (1127 words)

23 Wn. App. 64, PARKER v. SPEEDY RE-FINANCE A purchaser seeking the protection of the doctrine of bona fide purchaser must establish that he has paid valuable consideration for the property to the vendor without knowing, or having reason to know, of another party's conflicting claim to the property or of some other defect in the title to the property. The party asserting the status of bona fide purchaser has the burden of proving that valuable consideration was paid for the property before the party asserting a conflicting claim is required to prove knowledge of the claim by the purchaser. A purchaser of farmland ordinarily has need to seek out the sellers to find out the borders or dimensions of the land being sold and what type of terrain the property is, and whether such property is suitable for planting or whether it is marsh or wastelands. www.mrsc.org /mc/courts/appellate/023wnapp/023wnapp0064.htm   (4041 words)

03-779 In that case, however, the party claiming to be a bona fide purchaser took a warranty deed after being informed by the seller that he had repossessed the land due to nonpayment. The majority holds that a purchaser of land (Bill's Printing) is a bona-fide purchaser for value without notice even when the chain of title shows that the land he bought was vested in a third party (the Carders) by limited-warranty deed. Under the doctrine of inquiry notice, a purchaser of real estate is held to have a duty to make inquiries where the purchaser has actual knowledge from any source or constructive notice of facts that would have aroused the suspicions of a prudent purchaser and caused that purchaser to make further investigations. courts.state.ar.us /opinions/2004a/20040429/03-779.html   (5841 words)

J.M. PRODUCTS, INC. v. ARKANSAS CAPITAL CORPORATION 1991) defines a"bona fide purchaser" as "a purchaser for value in good faith and without notice of any adverse claim"; the burden was on appellee to prove that it was a bona fide purchaser. Appellant also contends that appellee did not prove that it was a "purchaser for value," which it was required to prove in order to be a bona fide purchaser under section 4-8-302. In conclusion, we agree with the court's holding that appellee made a prima facie case that it was a bona fide purchaser and that it did not have any knowledge of appellant's adverse claim. courts.state.ar.us /opinions/old/CA941039A.html   (3898 words)

OSCN Found Document:PAYNE v. ALLEN   (Site not responding. Last check: 2007-10-15) Where a person is bona fide purchaser in good faith and without notice that the grantor was a trustee, a deed of conveyance by such trustee to such innocent purchaser is a valid and binding grant as against the cestui que trust. Whether a purchaser of lands is an innocent purchaser for value and without notice that the grantor was not the owner of the equitable as well as the legal title is a question of fact to be determined by the trial court. Ordinarilly, a creditor is not an innocent purchaser where a conveyance from a trustee to the creditor is made in consideration of the payment of a debt owing by the trustee to the creditor. www.oscn.net /applications/oscn/DeliverDocument.asp?citeID=23570   (1295 words)

6323 - Bona Fide Purchaser for Value p2 Wrongful levy action: Bona fide purchaser for value: Adequate and full consideration.--Since an individual received only nominal consideration for the transfer of real property to his wife, she did not qualify as a bona fide purchaser for value. Liens: Property: Foreclosure: Sale to third party: Bona fide purchaser for value.--The IRS could not foreclose federal tax liens on real property sold by married taxpayers to the husband's mother because she was a bona fide purchaser entitled to protection under Code Sec. Moreover, the husband's mother, who received a bank loan to purchase the property, which she rented to the taxpayers, was indebted to the bank and obligated to repay the loan. www.irstaxattorney.com /liens/part5-liens/continued/6323-Bona_Fide_Purchaser_for_Value_p2.html   (8632 words)

USCA6 Opinion 01a0167p.06 (3) a bona fide purchaser of real property, other than fixtures, from the debtor, against whom applicable law permits such transfer to be perfected, that obtains the status of a bona fide purchaser and has perfected such transfer at the time of the commencement of the case, whether or not such a purchaser exists. Since the Bankruptcy Code gives trustee Simon the rights of a bona fide purchaser without actual knowledge and no constructive knowledge has been established, Simon is entitled to the rights of a subsequent bona fide purchaser without knowledge of the prior mortgage. Whether the Trustee can be treated as either a judicial lien creditor or a bona fide purchaser of real estate for the purpose of exercising strong arm power under section 544(a) is determined under applicable state law as of the time the bankruptcy is commenced. www.michbar.org /opinions/us_appeals/2001/052201/10281.html   (4858 words)

[No title] The United States next argues that a trustee, although a bona fide purchaser for purposes of Bankruptcy Code section 545 (2), is not a bona fide purchaser for purposes of Internal Revenue Code section 6323 (b). The logical conclusion to be drawn is that a trustee standing in the shoes of a bona fide purchaser under Bankruptcy Code section 545 (2) does not fall within the beneficial protection of Internal Revenue Code section 6323 for the avoidance of a perfected federal tax lien because section 6323 requires a higher standard. (2) is not perfected or enforceable at the time of the commencement of the case against a bona fide purchaser that purchases such property at the time of the commencement of the case, whether or not such a purchaser exists. www.akb.uscourts.gov /4abr210.htm   (2407 words)

[No title] Following a hearing, the trial court found that Hyman was a bona fide purchaser for value without notice of the fraud, was "entitled to rely on the certificate issued by the DMV," and was not subject to TMCC's lien. Both of these cases involve sales to bona fide purchasers for value by motor vehicle dealers and the application of the doctrine of estoppel based on the likelihood that the secured motor vehicle would be put into the stream of commerce. However, it is not clear whether the bona fide purchaser in that case, McQuay, ever saw or received any title certificate from the seller or DMV and he did not assert a defense based on reliance on a certificate of title issued by DMV showing no liens on the vehicle. www.courts.state.va.us /opinions/opnscvtx/1972212.txt   (1509 words)

[No title] is not perfected or enforceable at the commencement of the case against a bona fide purchaser that purchases such property at the time of the commencement of the case, whether or not such a purchaser exists. The IRS argues that a mere bona fide purchaser for value would not be entitled to defeat a tax lien in which the trustee is a hypothetical purchaser. The trustee, seeking to avoid the IRS lien on the promissory note beneficially held by the Bergs at the time of the bankruptcy, argues that a hypothetical bona fide purchaser is, by definition, one who has met the standards of a purchaser under IRC 6323(h)(6). www.akb.uscourts.gov /4abr89.htm   (776 words)

NANCY M. FJELDSTED; DAMON LAMONT HOBDY v.PETER LIEN; NANCY CURRY, Chapter 13 Trustee; UNITED STATES TRUSTEE   (Site not responding. Last check: 2007-10-15) The court erred, however, in determining that bona fide purchaser status, standing alone, was either an exception to the stay or "cause" to annul the stay. In addition, the bona fide purchaser defense of § 549(c) is inapplicable to a § 362 violation. A good faith purchaser without knowledge of the commencement of the case and for less than present fair equivalent value has a lien on the property transferred to the extent of any present value given, unless a copy or notice of the petition was so filed before such transfer was so perfected. www.ce9.uscourts.gov /web/bap.nsf/a0cefa69d38ad9ed8525631b006582d0/55979feddf56b8e088256d2c00612844?OpenDocument   (6646 words)

[No title] For example, in Long John Silver's, when two purchasers had actual notice of an unrecorded equity interest in a piece of property, the court held the equity interest was superior to that of the subsequent purchasers. The Superior Court explained, "[i]f the subsequent purchaser has notice of the first agreement of sale or deed, he has no protection as a bona fide purchaser and his title is subject to the interest vested in the first purchaser." Id. at 573. Because a purchaser's knowledge of the unrecorded interest subordinates the purchaser's interest to that of the unrecorded interest holder, Fleet's knowledge of an outstanding unrecorded ownership interest prevents it from being a bona fide purchaser. vls.law.vill.edu /locator/3d/Aug1994/94a0808p.txt   (4352 words)

Inman News Cotswold claims to be an innocent bona fide mortgage lender without notice as to this property of Frykholm's, which is subject to forfeiture, the judge emphasized. If Cotswold prevails as a bona fide purchaser mortgagee and is paid first from the sale of this property, he continued, only about $1.8 million will be left to pay $9 million in fraud victim claims, he explained. Therefore, Cotswold cannot be a bona fide purchaser entitled to priority as a secured creditor, the judge ruled. www.inman.com /inf/reimall/story.asp?ID=43598   (547 words)

Law Firm of Pepper Hamilton LLP | Publications Three defenses to liability under CERCLA are affected by the proposed rule: the innocent landowner defense, the bona fide prospective purchaser defense, and the contiguous property owner defense. Unlike innocent purchasers, a bona fide prospective purchaser (BPP) may have acquired property knowing it was contaminated - if the purchase occurred after January 11, 2002, and the BPP took reasonable steps to stop any new or continuing releases. The buyer also is required to evaluate the purchase price of the subject property (in its contaminated state) in comparison to what the fair market value would be if the property were uncontaminated. www.pepperlaw.com /pepper/publications_update.cfm?rid=591.0   (1202 words)

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