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Innocent Purchaser

An individual who, in GOOD FAITH and by an honest agreement, buys property in the absence of sufficient knowledge to charge him or her with notice of any defect in the transaction.

An individual is an innocent or goodfaith purchaser when he or she buys something, paying valuable consideration, without actual or constructive notice of any legal infirmity in the sale. The purchaser of a gold bracelet for $500 from a jewelry store cannot be charged with notice that the bracelet was stolen.

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Law Library - American Law and Legal InformationFree Legal Encyclopedia: Indirect evidence to Internal Revenue Code