purchase

Transmission of property from one person to another by voluntary act and agreement, founded on a valuable consideration. Spur Independent School Dist. v. W. A. Holt Co., Tex.Civ.App., 88 S.W.2d 1071, 1073.
To own by paying or by promising to pay an agreed price which is enforceable at law. First Nat. Bank & Trust Co. of Chickasha v. U.S., C.A.Okl., 462 F.2d 908, 910.
In a technical and broader meaning relative to land, generally means the acquisition of real estate by any means whatever except by descent. Oklahoma City v. Board of Education of Oklahoma City, 181 Okl. 539, 75 P.2d 201.
Includes taking by sale, discount, negotiation, mortgage, pledge, lien, issue or re-issue, gift or any other voluntary transaction creating an interest in property. U.C.C. No. 1-201(32). The term "purchase" includes any contract to purchase or otherwise acquire. Securities Exchange Act, No. 3.
@ 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 purchase
Words which denote the person who is to take the estate. Thus, if a person grants 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 called a "word of purchase."
@ purchase agreement
An agreement between a buyer and seller of property, setting forth, in general, the price and terms of the sale. A sales agreement or contract to sell.
See also buy and sell agreement
@ purchase method of accounting
A method of accounting for mergers in which the total value paid or exchanged for the acquired firm's assets is recorded on the acquiring firm's books. Any difference between the fair market value of the assets acquired and the purchase price is recorded as goodwill
@ purchase money
The actual money paid in cash or check initially for the property while the balance may be secured by a mortgage and note calling for periodic payments.
See also earnest money.
As used with reference to part performance under statute of frauds, comprehends consideration, whether it be money or property or services, for which lands are to be conveyed. Hall v. Haer, 160 Okl. 118, 16 P.2d 83, 84
@
- purchase money mortgage
@ purchase money resulting trust
Such ordinarily arises when the purchase price of property is paid by one person and at his or her discretion the vendor transfers the property to another, who is deemed to hold the property in trust for the person furnishing the consideration. Slocum v. Hammond, Iowa, 346 N.W.2d 485, 492.
When one person furnishes the money for the purchase of property title to which is to be taken in the name of another, the party furnishing the funds is the equitable owner under a purchase money resulting trust. It is not necessary that he furnish the entire purchase price, but he must intend to acquire an interest
@ purchase money security interest
One which is taken or retained by seller of item to secure its price or taken by person who advances funds to enable one to acquire rights in collateral. In re Damron, Bkrtcy.Ky., 5 B.R. 357, 358.
A security interest is a "purchase money security interest" to the extent that it is:
(a) taken or retained by the seller of the collateral to secure all or part of its price; or
(b) taken by a person who by making advances or incurring an obligation gives value to enable the debtor to acquire rights in or the use of collateral if such value is in fact so used. U.C.C. No. 9-107
@ purchase order
Document authorizing a seller to deliver goods with payment to be made later. A written authorization calling on a vendor or supplier to furnish goods to the person ordering such. It constitutes an offer which is accepted when the vendor supplies the quantity and quality ordered
+ purchase money security interest
A secured interest which is created when a buyer uses the money of the lender to make the purchase and immediately gives to the lender a security interest. U.C.C. No. 9-107.
See mortgage (purchase money mortgage).
@ purchase price
Price agreed upon as a consideration for which property or goods are sold and purchased
@

Black's law dictionary. . 1990.

Synonyms:

Look at other dictionaries:

  • Purchase — Pur chase (?; 48), n. [OE. purchds, F. pourchas eager pursuit. See {Purchase}, v. t.] 1. The act of seeking, getting, or obtaining anything. [Obs.] [1913 Webster] I ll . . . get meat to have thee, Or lose my life in the purchase. Beau. & Fl.… …   The Collaborative International Dictionary of English

  • purchase — pur·chase 1 vb pur·chased, pur·chas·ing vt 1: to acquire (real property) by means other than descent or inheritance 2: to obtain by paying money or giving other valuable consideration; specif: to take (property) by a voluntary transaction (as a… …   Law dictionary

  • Purchase — Pur chase (?; 48), v. t. [imp. & p. p. {Purchased}; p. pr. & vb. n. {Purchasing}.] [OE. purchasen, porchacen, OF. porchacier, purchacier, to pursue, to seek eagerly, F. pourchasser; OF. pour, por, pur, for (L. pro) + chacier to pursue, to chase.… …   The Collaborative International Dictionary of English

  • Purchase — ist der Familienname von Zac Purchase (* 1986), britischer Ruderer Purchase heißt der Ort Purchase (New York) im Westchester County im US Bundesstaat New York Purchase (in der Bedeutung Landkauf ) steht für u.a.: Gadsden Purchase, Vereinigte… …   Deutsch Wikipedia

  • Purchase — (New York) Purchase Pays  États Unis État New York Comté Westchester S …   Wikipédia en Français

  • purchase — [n] possession obtained with money acquirement, acquisition, asset, bargain, booty*, buy, gain, investment, property, steal; concepts 446,710 Ant. sale, sell purchase [v] buy, obtain achieve, acquire, attain, come by, cop*, deal in, earn, gain,… …   New thesaurus

  • Purchase — Pur chase, v. i. 1. To put forth effort to obtain anything; to strive; to exert one s self. [Obs.] [1913 Webster] Duke John of Brabant purchased greatly that the Earl of Flanders should have his daughter in marriage. Ld. Berners. [1913 Webster] 2 …   The Collaborative International Dictionary of English

  • purchase — (v.) late 13c., obtain, contrive, bring about, from Anglo Fr. purchaser go after, from pur forth (possibly used here as an intensive prefix; see PURBLIND (Cf. purblind)) + O.Fr. chacier run after (see CHASE (Cf. chase)). Sense of buy first… …   Etymology dictionary

  • purchase — vb *buy Analogous words: gain, win, *get, obtain, procure, secure …   New Dictionary of Synonyms

  • purchase — both as a noun and as a verb, is a formal word not normally used in general contexts (especially conversation). By contrast buy as a noun is somewhat informal (a good buy), and so English lacks a word of neutral register for the meaning ‘the act… …   Modern English usage

  • purchase — ► VERB ▪ obtain by payment; buy. ► NOUN 1) the action of buying. 2) a thing bought. 3) firm contact or grip. 4) a pulley or similar device for moving heavy objects. DERIVATIVES purchasable …   English terms dictionary

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