Purchase

The proper meaning of this term, in the law of real property, is much more extensive than the vernacular sense: it includes all modes of personal acquisition except hereditary descent; so that the words descent and purchase denote the only modes by which a person can acquire title to realty. Title by devise, by voluntary gift, by extent, &c., are unquestionably all embraced in the proper common-law meaning of "to purchase," or "title by purchase."

See Greer v. Blanchar, 40 Cal. 194; Ramsey v. Ramsey, 7 Ind. 607; Mc Cartee v. Orphan Asylum Soc, 9 Cow. 437; James v. Morey, 2 Id. 246; Hoyt v. Van Alstyne, 15 Barb. 568.

Instances constantly occur, however, in which " to purchase " and its inflexions are used, as evidently appears by the context or the general intent, in the vernacular sense of acquired by payment of a price or value; and, as respects modem law literature, in which much discussion is given to rights of purchasers for value, it may be said that this employment of the words is the rule, and the old common-law use is the exception. The word purchase is used in law in contradistinction to descent, and is any other mode of acquiring real property than by the common course of inheritance. So that the word is not merely used in its popular sense, viz. that of buying for a sum of money, but implies any mode of acquiring property except by descent. Thus, if a person acquires real property by gift, grant, or by devise, or by any other mode (excepting descent), and which does not even subject him to the payment of any sum of money for such property, he is still in legal language said to acquire such property by purchase. The difference between the acquisition of an estate by descent and by purchase consists principally in two points; that by purchase the estate acquires a new inheritable quality, and is descendible to the owner's blood in general; that an estate taken by purchase will not make the person who acquires it answerable for the acts of his ancestors, as an estate by descent will. (2 Cruise Dig. 451, 452. ) Brown. law, extends to voluntary conveyances, as well as to such as are founded on a valuable consideration. The word purchase, in the statute, is used technically.

Clay v. Wyatt, 6 J. J. Marsh. 584.

To purchase sometimes means to purchase by deed, only. Durando ».

Durando, 23 N. Y. 331.

As used in a charter-authority to a corporation to take by purchase, acquisition by devise is excluded.

Mc Cartee v. Orphan Asylum Soc, 9 Cow. 437.

Purchase, in a law exempting from taxation " the property of all Indians who are not citizens, except lands held by them by purchase," means an acquisition of land for a valuable consideration, and does not include a patent to an Indian of land reserved by treaty with his tribe.

Parrington V. Wilson, 29 Wis. 383.

Power conferred on a corporation to purchase includes power to take a mortgage.

Commercial Bank of Manchester v. Nolan, 8 Miss. 508.

And a power to give a mortgage.

Gordon V. Preston, 1 Watts, 385.

And (under circumstances) a power to sell and convey, including power to mortgage.

Jackson v. Brown, 5 Wend. 590.

A conveyance to trustees in trust to sell land, and apply so much of the proceeds as may be needful to pay a debt, is not a purchase of the land by the creditor. Neilson V. Lagow, 12 How. 98. " Purchased " means bought or acquired by paying a price.

Curtis v. Burdick, 48 Vt. 166.

Notes pledged are not purchased.

Smith V. Spies, 2 Hall, 477. Purchaser.

In the construction of a registry acts, the term purchaser is usually ^ taken in its technical legal sense. It means / / a complete purchaser, or, in other words, one clothed with the legal title.

Steele v. Spencer, 1 Pet. 552, 559.

A buyer at a judicial sale is a purchaser, within the recording acts of Illinois, enacting that unrecorded deeds shall take effect as to " subsequent purchasers " without notice, after the time for filing the same for record, and not before.

Mc Nitt V. Turner, 16 Wall. 352.

The word purchaser, as used in such statutes, has a well-defined technical signification, and embraces every holder of the legal title to real or personal property, where such title has been acquired by deed.

It includes a mortgagee

Halbert v. Mc- Cu Uoch, 3 Mete. (Ky.) 456. s. p. Porter v. Green, 4 Iowa, 571; Seevers v. Delashmutt, 11 Id. 174.

A mortgagee is a purchaser, within the intent of Stat. 27 Eliz. ch.

4. Lancaster v. Dolan, 1 RawU, 231.

A mortgagee is a purchaser in form, although he has no estate in the land mortgaged, and the transaction is governed by different principles from those which apply A tenant in common, whose interest becomes severed by partition, is a purchaser of the interests of his co-tenants in the lands set apart to him. Campau o.

Barnard, 25 Mick. 381.

A statute declaring judgments confessed without a specification to be void as against purchasers, ought not to be extended by construction to assignees in trust.

Seaving V. BrinlcerhofE, 6 Johns. Ch. 329.

Purcliaser does not embrace a judgment creditor.

Schmidt v. Hoyt, 1 Edw. 662.

Purchaser in good faith. The mere knowledge of rival equities does not prevent a purchaser from being a purchaser in good faith. Whether one buys in good faith depends not on his having notice of liens, but on the motive or purpose with which he buys.

Thornton v. Bledsoe, 46 Ala. 73.

A statute providing that an instrument not recorded shall be inoperative against a bona fide purchaser, creditor, or surety, without notice, means some person who has purchased, given credit, or become surety, relying in good faith on the property sought to be affected by the instrument. To be a bona fide creditor, one must have given credit upon the belief that he could resort to the property in question for payment.

Cloud V. Dupree, 28 Ga. 170.

A bona fide purchaser is one who, neither committing nor participating in a fraud, pays a full price for property which he continuously and openly holds in possession.

Sanders v. Mc Affee, 42 Ga. 250.

The words "subsequent purchaser for valuable consideration," were held equivalent to "bona fide purchaser," in Van Rensselaer V. Clark, 17 Wend. 25.

Furchase-mouey.

The money agreed to be paid by a purchaser, for property.

Hoyt V. Van Alstyne, 15 Barb. 568.

The 111. statute, declaring that the homestead right shall not be claimed against a debt due for purchase-money, means the debt created by the purchase, and not a debt due another than the vendor for money loaned wherewitli to pay for the purchase.

Eyster v. Hatheway, 50 III. 521.

Purchase-money means money stipulated to be paid by a purchaser to his vendor, and does not include money the purchaser may have borrowed to complete his purchase. Purchase-money, as between vendor and vendee only, is contemplated; as between purchaser and lender, the money is "borrowed money."

Henisler v. Nickum, 38 Md. 270.

The word purchase-money, in the New York statute of 1842, respecting property exempt from levy of execution, should be construed as meaning the original demand for the property sold, as distinguished from the demand on the security given for the payment of the purchase price.

Davis V. Peabody, 10 Barb. 91.