purchase

Transmission of property from one person to another by voluntary act and agreement, founded on a valuable consideration. Spur Independent School Dist. v. W. A. Holt Co., Tex.Civ.App., 88 S.W.2d 1071, 1073.

To own by paying or by promising to pay an agreed price which is enforceable at law. First Nat. Bank & Trust Co. of Chickasha v. U.S., C.A.Okl., 462 F.2d 908, 910.

In a technical and broader meaning relative to land, generally means the acquisition of real estate by any means whatever except by descent. Oklahoma City v. Board of Education of Oklahoma City, 181 Okl. 539, 75 P.2d 201.

Includes taking by sale, discount, negotiation, mortgage, pledge, lien, issue or re-issue, gift or any other voluntary transaction creating an interest in property. U.C.C. No. 1-201(32). The term "purchase" includes any contract to purchase or otherwise acquire. Securities Exchange Act, No. 3.

@ quasi purchase

In the civil law, a purchase of property not founded on the actual agreement of the parties, but on conduct of the owner which is inconsistent with any other hypothesis than that he intended a sale.

@ words of purchase

Words which denote the person who is to take the estate. Thus, if a person grants land to A. for twenty-one years, and after the determination of that term to A.'s heirs, the word "heirs" does not denote the duration of A.'s estate, but the person who is to take the remainder on the expiration of the term, and is therefore called a "word of purchase."

@ purchase agreement

An agreement between a buyer and seller of property, setting forth, in general, the price and terms of the sale. A sales agreement or contract to sell.

See also buy and sell agreement

@ purchase method of accounting

A method of accounting for mergers in which the total value paid or exchanged for the acquired firm's assets is recorded on the acquiring firm's books. Any difference between the fair market value of the assets acquired and the purchase price is recorded as goodwill

@ purchase money

The actual money paid in cash or check initially for the property while the balance may be secured by a mortgage and note calling for periodic payments.

See also earnest money.

As used with reference to part performance under statute of frauds, comprehends consideration, whether it be money or property or services, for which lands are to be conveyed. Hall v. Haer, 160 Okl. 118, 16 P.2d 83, 84

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- purchase money mortgage

@ purchase money resulting trust

Such ordinarily arises when the purchase price of property is paid by one person and at his or her discretion the vendor transfers the property to another, who is deemed to hold the property in trust for the person furnishing the consideration. Slocum v. Hammond, Iowa, 346 N.W.2d 485, 492.

When one person furnishes the money for the purchase of property title to which is to be taken in the name of another, the party furnishing the funds is the equitable owner under a purchase money resulting trust. It is not necessary that he furnish the entire purchase price, but he must intend to acquire an interest

@ purchase money security interest

One which is taken or retained by seller of item to secure its price or taken by person who advances funds to enable one to acquire rights in collateral. In re Damron, Bkrtcy.Ky., 5 B.R. 357, 358.

A security interest is a "purchase money security interest" to the extent that it is:

(a) taken or retained by the seller of the collateral to secure all or part of its price; or

(b) taken by a person who by making advances or incurring an obligation gives value to enable the debtor to acquire rights in or the use of collateral if such value is in fact so used. U.C.C. No. 9-107

@ purchase order

Document authorizing a seller to deliver goods with payment to be made later. A written authorization calling on a vendor or supplier to furnish goods to the person ordering such. It constitutes an offer which is accepted when the vendor supplies the quantity and quality ordered

+ purchase money security interest

A secured interest which is created when a buyer uses the money of the lender to make the purchase and immediately gives to the lender a security interest. U.C.C. No. 9-107.

See mortgage (purchase money mortgage).

@ purchase price

Price agreed upon as a consideration for which property or goods are sold and purchased

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