Avulsion refers to water quickly submerging land or moving land to another location. In most situations under state property law, land moved by avulsion continues to be the property of the owner of where the land originally was located. For...
property & real estate law
bailment
A 'bailment' is defined as a non-ownership transfer of possession. Under English common law, the right to possess a thing is separate and distinct from owning the thing. Interestingly, as a result of this distinction, in some jurisdictions,...
bailor
A bailor is a person or party who delivers a bailment. A bailor entrusts personal goods or other property to a bailee until its restoration to the bailor. That entrustment is temporary, and the bailor only relinquishes possession of the good...
bankruptcy
Overview:
Bankruptcy law provides for the reduction or elimination of certain debts, and can provide a timeline for the repayment of nondischargeable debts over time. It also permits individuals and organizations to repay secured debt....
beneficial owner
Beneficial owner is a person or entity who ultimately owns or controls an interest in a legal entity, such as a security, property, or interest in a trust.
In the Securities context, for example, individuals who are...
BFP
BFP is the abbreviation for Bona Fide Purchaser.
[Last updated in March of 2022 by the Wex Definitions Team]
bill quia timet
Bill quia timet is derived from the Latin phrase “quia timet” which means, “because he fears.” A bill quia timet grants a party equitable relief from the court for a probable harm to their specific right or interest.
A bill...
blackacre
Blackacre refers to a fictional plot of land which is often used in examples when teaching or explaining property law concepts. In examples where more than one plot of land is necessary, Blackacre is often paired with fellow fictional plot of...
bona fide purchaser
A bona fide purchaser is someone who exchanges value for property without any reason to suspect irregularities in the transaction. By definition, a bona fide purchaser cannot have actual or constructive notice as to defects in the seller’s...
broker
A broker is a person or entity that arranges contracts and acts as an intermediary between a buyer and seller for a commission. A broker is an independent party to a transaction and should not be confused with an agent who acts on behalf of a...