Legal Definitions - BFP

Definition: BFP is the abbreviation for Bona Fide Purchaser.

Explanation: A Bona Fide Purchaser is someone who buys something in good faith, without any knowledge of any defects or problems with the item. This means that the purchaser is not aware of any issues with the item and is buying it honestly and in good faith.

Example: If someone buys a car from a dealership and later finds out that the car was stolen, they are not considered a Bona Fide Purchaser because they should have known that the car was stolen. However, if someone buys a car from a private seller and later finds out that the car was stolen, they may still be considered a Bona Fide Purchaser if they had no reason to suspect that the car was stolen.

Additional Example: A person buys a painting from an art dealer who has a good reputation. Later, it is discovered that the painting was stolen. The person who bought the painting is considered a Bona Fide Purchaser because they had no reason to suspect that the painting was stolen.