Versailles and the banks argued that they could exercise a bona fide purchaser defence.
2.
What is a Bona Fide Purchaser?
3.
Since Charles has notice of the prior conveyance, Charles does not qualify to be a bona fide purchaser.
4.
:: In Scenario A, the casino is not a bona fide purchaser and will probably have to give up the money.
5.
Firstly, being an equitable right, it will be extinguished by a bona fide purchaser for value who did not have notice of the mortgage.
6.
A perfected lien is valid against bona fide purchasers of property, and even against a trustee in bankruptcy; an unperfected lien may not be.
7.
Claire could be considered a bona fide purchaser for value without notice of any pre-existing interest, and should take full title to the property.
8.
The most important limitation relating to equitable remedies is that an equitable remedy will not lie against a bona fide purchaser for value without notice.
9.
One is to allow a bona fide purchaser, who is entitled to hold and enjoy the property, to have a congruent entitlement to sell that property.
10.
However, a conveyance to a bona fide purchaser for fair value can not be upset where the purchaser is unaware of the fraudulent intent of the conveyor.
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