purchaser

One who acquires real property in any other mode than by descent. One who acquires either real or personal property by buying it for a price in money; a buyer; vendee. One who has contracted to purchase property or goods. Also, a successful bidder at judicial sale. In re Spokane Sav. Bank, 198 Wash. 665, 89 P.2d 802, 806.

A person who orders and pays for goods when the sale is for cash or who is legally obligated to pay for them if the sale is on credit. L. M. Berry & Co. v. Blackmon, 129 Ga.App. 347, 199 S.E.2d 610, 612.

Term may be employed in broad sense to include anyone who obtains title otherwise than by descent and distribution but is more commonly used to refer to a vendee or buyer who has purchased property for valuable consideration. Smith v. Enochs, D.C.Miss., 233 F.Supp. 925, 927.

One who takes by purchase which 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), (33).

The term "purchaser" means a person who, for adequate and full consideration in money or money's worth, acquires an interest (other than a lien or security interest) in property which is valid under local law against subsequent purchasers without actual notice. I.R.C. No. 6323(h). Transferee of a voluntary transfer, and includes immediate or mediate transferee of such a transferee. Bankruptcy Code No. 101.

- bona fide purchaser (bona fide)

@ first purchaser

In the law of descent, this term signifies the ancestor who first acquired (in any other manner than by inheritance) the estate which still remains in his family or descendants.

@ innocent purchaser

One who acquires title to property without knowledge of any defect in the title.

+ innocent purchaser

One who, by an honest contract or agreement, purchases property or acquires an interest therein, without knowledge, or means of knowledge sufficient to charge him in law with knowledge, of any infirmity in the title of the seller. Treit v. Oregon Auto. Ins. Co., 262 Or. 549, 499 P.2d 335, 336.

Person is "innocent purchaser" when he purchases without notice, actual or constructive, of any infirmity and pays valuable consideration and acts in good faith. Morehead v. Harris, 262 N.C. 330, 137 S.E.2d 174, 182, 185.

See also good faith purchaser

@ purchaser of a note or bill

The person who buys a promissory note or bill of exchange from the holder without his indorsement

@ purchaser for value

One who pays consideration for property or goods bought

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