A bona fide purchaser is a purchaser who buys property in good faith, that the seller has a good title to the goods, and that there are no other persons who have any right to title to the goods. To be a bona fide purchaser one must also be a purchaser for a valuable consideration without notice either actual, or constructive, of any third person's claims to the goods sold.9

One cannot claim the rights of a bona fide purchaser while the contract is still executory. One must actually pay for the goods on delivery of the same, and before notice of the outstanding claim comes to him. A purchase on credit therefore would not avail; and an equitable interest only, likewise, would not give to the purchaser, the rights of a bona fide purchaser.

The following persons have been held to be entitled to the protection of bona fide purchasers, under certain circumstances: A purchaser at a public auction, a mortgagee and the assignee of the mortgage; also a pledgee, to the amount of his lien.

An execution creditor of the fraudulent vendee, does not become a bona fide purchaser by purchasing the goods at a sale upon his execution, where the goods were fraudulently purchased by the judgment debtor.10 Nor can an attaching creditor claim the right to goods, as a bona fide purchaser against the vendor who has been defrauded.11

It has also been held that the person, to whom the property has been delivered by the fraudulent vendee in payment of a precedent debt, or in performance of an executory contract of sale made prior to the acquiring possession of the property, or of some evidence of title thereto by the latter, although the consideration was paid at the time of the contract, is not a bona fide purchaser for value, and cannot hold the property as against the defrauded creditor.12

6 Hayden vs. Driving Park, 63 Conn., 142; Redden vs. Miller, 95 I11., 346.

10 DeVoe vs. Brandt, 53 N. Y., 462.

11 Wiggin vs. Day, 9 Gray, 97.