The Role of Good Will in Redefining Ownership Rights: The Bona Fides Purchaser

Abstract

15Abstract This article explores the role of bona fides as the foundation of a purchaser’s ownership. A bona fide purchaser owns his rights against nemo dat quod non habet (no one gives what they do not have) maxim that protect the original owner’s rights. This article illustrates that the concept of good will in property rights as a means of resolving ownership disputes. Bona fides bear inner-directed values described as ‘good will’ in ethics and its practice in court’s verdict bear resemblance with outer-directed moral imperatives in property rights. The main issue of ownership then relies on the value that lives in social society, and whether it conforms with nemo dat principles or honest purchaser protection. While both maxims are needed for security of acquisition, its universality is still debatable. The concept of good will and property theory will show a different paradigm useful for court to justify honest purchaser rights acquired from an unauthorised seller. Courts will then construct and apply a standard of conduct based on the existing value to determine an honest purchaser. Hence, an honest purchaser will have an equal stage in the contest for ownership rights against a true owner, and courts will have to measure and determine whose ownership should be prioritize.