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baddestbunny
18:26
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LSDefine
Simple English definitions for legal terms
innocent purchaser
Read a random definition: agency regulation
A quick definition of innocent purchaser:
An innocent purchaser is someone who buys something without knowing that someone else might have a claim to it. They buy it in good faith and pay for it with their own money. This is important because it means they have a right to keep what they bought, even if someone else tries to take it away.A more thorough explanation:
An innocent purchaser is someone who buys property without knowledge of any defects or claims against the seller's title. This is also known as a bona fide purchaser.
For example, if John sells a car to Jane without disclosing that the car was stolen, and Jane had no reason to suspect that the car was stolen, she would be considered an innocent purchaser. She would have a superior right to the car over the original owner or any creditors of John.
Another example would be if a person buys a house from someone who claims to be the rightful owner, but in reality, the seller had no legal right to sell the property. If the buyer had no knowledge of this fact, they would be considered an innocent purchaser.
In both cases, the innocent purchaser would have legal protection against any claims made by the original owner or creditors of the seller.