BONA FIDE PURCHASER. A “bona fide purchaser” is a purchaser for value in good faith and without notice of any adverse claim who takes delivery of a security in bearer form or of one in registered form issued to him or indorsed to him or in blank. UCC 8-302. One who has purchased property for value without any notice of any defects in the title of the seller. Black’s 6th. “One who pays a valuable consideration, has no notice of outstanding rights of others and acts in good faith concerning the purchase.” Barron’s 3rd. See Note.