purchase

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In the broadest sense, the transmission of property from one person to another by their voluntary agreement on a valuable consideration. 4 Kent, Comm. 509.

In a stricter sense, a term including every mode of acquisition of estate known to the law, except that by which an heir on the death of his ancestor becomes substituted in his place as owner by operation of law. 2 Washb. Real Prop. 401. There are six ways of acquiring" a title by purchase, namely: By deed; by devise; by execution; by prescription; by possession or occupancy; by escheat.

In its more limited sense, "purchase" is applied only to such acquisitions of lands as are obtained by way of bargain and sale for money or some other valuable consideration. Cruise, Dig. tit. 30, §§ 1-4; 1 Dall. (Pa.) 20. In common parlance, purchase signifies the buying of real estate and of goods and chattels.

A term including every mode of acquisition of estate known to the law, except that by which an heir l on the death of his ancestor becomes substituted in his ptyce as owner by operation of law. 2 Washb. R. Prop., 5th ed. *401; Hoyt v. Van Alstyne, 15 Barb. (N. Y.) 568; Mc Cartee v. Orphan Asylum Soc., 9 Cow. (N. Y.) 437, IS Am. Dec. 516. A title by purchase is one that is vested in a person by his own act or agreement; 2 Bia. Comm. 241. A title by devise is a title by purchase; Allen v. Bland, 134 Ind. 78, 33 N. E. 774. There are six ways of acquiring a title by purchase, namely, by deed; by devise; by execution; by prescription; by possession or occupancy; by escheat.

In Its more limited sense, purchase is applied only to such acquisitions of lands as are obtained by way of bargain and sale for money or some other valuable consideration; Cruise, Dig. tit. 30, §§ 1-4; Hurst v. Dippo, 1 Dali. (U. S.) 20, 1 L. Ed. 19. See Grant v. Bennett, 96 111. 535. In common parlance, purchase signifies

The word "purchase" is used in law in contradistinction to "descent," and means any other mode of acquiring real property than by the common course of inheritance. But it is also much used in its more restricted vernacular sense, (that of buying for a sum of money,) especially in modern law literature; and this is universally its application to the case of chattels. See Stamm v. Bostwick, 122 N. Y. 48, 25 N. E. 233, 9 L. It. A. 597; Hall v. Hall, 81 N. Y. 134; Berger v. United States Steel Corp , 63 N. J. Eq. 809, 53 Atl, 68; Falley v. Grinling, 128 Ind. 110, 26 N. E. 794; Chambers v. St. Louis, 29 Mo. 574.

— Purchase money. The consideration in money paid or agreed to be paid by the buyer to the seller of property, particularly of land. Purcbase 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." Heuisler v. Nick-um, 38 Md. 270. But see Houlehan v. Rassler, 73 Wis. 557, 41 N. W. 720.

— Purchase-money mortgage. See Mortgage.

— Quasi purchase. In the civil law. A purchase of property not founded on the actual agreement of the parties, but on conduct of the owner which is inconsistent with any other hypothesis than that he intended a sale.

— Words of pnrchase. Words ,of purchase are words which denote the person who is to take the estate. Thus, if I grant land to A. for twenty-one years, and after the determination of that term to A.'s heirs, the word "heirs" does not denote the duration of A.'s estate, but the person who is to take the remainder on the expiration of the term, and is therefore calied a "word of purchase." Williams, Real Prop.; Fearne, Rem. 76, et seq.

Purchas, pourchas, I. fr. Acquisition; acquisition of lands by conveyance*, the acquisition of property by act of a party as opposed to the act of the law, — by gift, grant or devise, as distinguished from descent, reverter or escheat; an estate so acquired. Purchase money: the consideration money under a contract of purchase, pai-tioularly of real property.

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.

The acquisition of property by the act of the parties as distinguished from the act of law; by gift, grant, or devise, as distinguished from descent, escheat, or reverter; acquirement, not inheritance. Words of Limitation. clearing one's self of a crime. Canonical purgation: the purgation of a clerk by his own oath, with or without compurgators, or by the corsned; as distinct from vulgar purgation, purgation by the ordeals of fire, water, or battel.

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.

in its most enlarged and technical sense signifies the lawful acquisition of real estate by any means whatever, except by descent. It is thus defined by Littleton, sec. 12, “ purchase is called the possession of lands or tenements that a man hath by his own deed or agreement, unto which possession he cometh, not by title of descent from any of his ancestors or cousins, but by his own deed.” It follows, therefore, that not only when a man acquires an estate by buying it fora good or valuable consideration, but also when it is givenor devised to him he acquires it by purchase. 2 BI. Com. 241. There are six ways of acquiring title by purchase, namely, 1, by deed; 2, by devise; 3, by execution; 4, by prescription; 5, by possession or occupancy; 6, by. escheat.

In its more limited sense, purchase is applied only to such acquisitions of lands as are obtained by way of bargain and sale for money, or some other valuable consideration. Ib. Cruise, Dig. tit. 30, s. 1 to 4; 1 Dall.R. 20. In common parlance, purchase signifies the buying of real estate and.ot goods and chattels.