Purchase

3 1.

Acquisition, procuring, suing out: as, the purchase of a writ of error.'

2.

In a popular and confined sense, acqiisition by way of bargain and sale or other valuable consideration.' The transmission of property from one person to another by their voluntary act and agreement, founded on a valuable consideration. In judgment of law, the acquisition of land by any lawful act of the party, in contradistinction to acquisition by operation of law, and includes title by deed, by matter of record, and by devise." As#to ttje purchase of negotiables,- see Discount, 2. 3./ in the law of real property, originally, any method of acquiring an estate otherwise than by descent.' The possession of lands and tenements which a man has by his own act and agreement, and not by descent from any of his ancestors or kindred.8 f In its technical sense, includes all modes of ' Coleman v. Tennessee, 97 XT.

S. 620 (1878), cases, Clifford, J., dissenting. See Smith v. State, 41 N. J. L. 598 (1879), cases. 2 Be Leszynsky, 16 Blatch.

9, 13-20 (1879), cases. " F. purchacer, to pursue eagerly, acquire.

1 See 3 Bl. Com. 273. a Bl. Com. 241. 4 Kent, 609. See also 2 Washb. R. P. 401; 7 Tex. 135. '1 Bl. Com. 241; 2 id.

180, 181. acquisition other than that by descent. But generally, in statutes as in common use, the non-technical sense is employed — acquisition by contract between the parties.' The purchase of an estate includes every lawful method of coming to an estate by the act of the party, as opposed to the act of the law. It includes titles obtained by sale of personal property on execution by the sheriff, or by levy, or in execution of the right of eminent domain.

2 See Occtpancy; Redeem. Purchase-money.

The consideration money paid or agreed to be paid to the vendor by the vendee of realty. Treated as a lien on the land sold, w-hen the vendor has taken no separate security. The vendee ought not, in conscience, to be allowed to keep the estate without paying the consideration.* The vendor, though he hag made an absolute conveyance by deed, and though the consideration is in the instrument expressed to be paid, has an equitable lien for the unpaid purchase money, unless there has been an express or implied waiver. The lien is not affected by the vendor's taking the vendee's bond or bill single, or a negotiable promissory note, or a check, if not presented or if unpaid, or any instrument involving merely personal liability. Taking a note with a surety is a presumption, rebuttable, however, of an intent to rely exclusively upon the personal security, The lien will be enforced in equity against the vendee and all persons holding under him, except a bona fide purchaser without notice."* The vendee's estate is equitable, and alienable as real estate held by a legal title. Any secm-ity for the purchase-money is personalty. The vendee cannot dispute the title of his vendor." See further Lie Vendor's.

Pureliaser.

A vendee; a buyer. The original word, perquisitor, meant one who acquired an estate by sale, gift, or other method than by descent. The expression "first purchaser" is still used in this sense.' See Ancestor; Descent. In registrj' acts, a complete purchaser, a purchaser clothed with a legal title. May include one who buys at a judicial sale, as in the recording acts of Illinois.* A purchaser of land for a valuable consideration is one'who pays a fair value, or something approaching a fair value, for the premises. '* See Faith, Good. 1 Kohl u United States, 91 U. S. 374 (187S), Strong, J.; 16 Op. Att.-Gen.

328. 2 Burt V. Merchants' Ins. Co., 106 Mass. 364 (1871), Chapman, C. J. s See 37 111. 441; 38 Md. 279; 15 Barb. 572. > Chilton V. Braiden, 2 Black, 460 (1862), Grier, J. Cordova v. Hood, 17 Wall. 5-6 (18 ) cases. Strong, J.; Maqkrith v. Simmons, 1 Lead. Cas. Eq., H. & W., 235. " Lewis V. Hawkins, 23 Wall. 125(1874), cases, Swayne, J.;2Story, Eq, §1212. ' See 2 Bl. C9m. 220; 5 Pa. 106; 22 id. 297. Steele v. Spencer, 1 Pet. 569 (1878).

Words of purchase. When, in a will, the limitation of a remainder is to a " son " or " sons," " children " or " issue," " heir " or "heirs " of the life tenant, if the word is a descrip Uo personm, the descendant takes aa a purchaser; it intended to comprehend a class to take bj- inheritance, the word is a term of " limitation," within the rule in Shelley's case. "Child" and "children" are always regarded as words of purchase, unless the testator unmistakably used them as descriptive of the extent of the estate given, and not to designate the donees, in which case they are woi-ds of limitation. ' " Children " is as certainly a word of purchase as " heirs of the body " are words of limitation. This is the rule, but a testator may evince a diflferent intent."

See further Child; Heir; Issns, 5; Limitation, 8; Shelley's Case.