15:59
so true
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LSDefine
Simple English definitions for legal terms
without notice
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A quick definition of without notice:
Without notice means not knowing about something. For example, if you buy something without knowing that someone else claims to own it or that there is something wrong with the item, you are considered a bona fide purchaser. This means you bought it in good faith and didn't know about any problems. It's important to be a bona fide purchaser because it gives you a better legal right to the item you bought.A more thorough explanation:
Definition: Without notice means lacking actual or constructive knowledge. For example, to be a bona fide purchaser, one must buy something “without notice” of another's claim to the item or of defects in the seller's title. To be a holder in due course, one must take a bill or note “without notice” that it is overdue, has been dishonored, or is subject to a claim.
Example: If you buy a car from someone who has a loan on it, but you didn't know about the loan, you are a bona fide purchaser without notice. This means that you are not responsible for the loan and the lender cannot come after you for payment.
Explanation: This example illustrates the definition of without notice because the buyer did not have any knowledge of the loan on the car. Therefore, they are considered a bona fide purchaser without notice and are not responsible for the loan.