§ 64.1-01. Definition of "bona fide purchaser."
As used in this title, "bona fide purchaser" means a purchaser of property for value who has acted in the transaction in good faith. Notice of a seller's marital status, or notice of the existence of a premarital or marital agreement, does not affect the status of a bona fide purchaser. A "purchaser" is one who acquires property by sale, lease, discount, negotiation, mortgage, pledge, or lien or who otherwise deals with property in a voluntary transaction, other than a gift. A purchaser gives "value" for property acquired in return for a binding commitment to extend credit to the transferor or another as security for or in total or partial satisfaction of a pre-existing claim, or in return for any other consideration sufficient to support a simple contract.
(1992, cc. 617, 647.)
Sections: 64.1-01 64.1-1 64.1-2 64.1-3 64.1-4 64.1-5 64.1-5.1 64.1-5.2 64.1-6 64.1-6.1 64.1-7 64.1-7.1 64.1-8 64.1-8.1 64.1-9 NextLast modified: April 3, 2009