64.1-01 - Definition of "bona fide purchaser.". - Virginia Statutes

§ 64.1-01. Definition of "bona fide purchaser.".

As used in this title, "bona fide purchaser" means a purchaser of propertyfor value who has acted in the transaction in good faith. Notice of aseller's marital status, or notice of the existence of a premarital ormarital 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 propertyin a voluntary transaction, other than a gift. A purchaser gives "value"for property acquired in return for a binding commitment to extend credit tothe transferor or another as security for or in total or partial satisfactionof a pre-existing claim, or in return for any other consideration sufficientto support a simple contract.

(1992, cc. 617, 647.)