Someone who obtains property for value without notice of any problems with its title (e.g., competing claims of ownership).
Definition from Nolo’s Plain-English Law Dictionary
Someone who purchased something with no reason to believe that the property belonged to someone else or that the property was subject to another party's claim. The purchaser must have paid a full and fair price for the property and have received the item in the normal course of business. (See also: holder in due course
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:11 pm