Title Examination Standards
Chapter 1, App.
Chapter 29. Simplification of Land Titles Act
§29.3. Purchaser for Value.

"Purchaser for value" within the meaning of the Simplification of Land Titles Act, 16 O.S. §§ 61-63, 66 (§§ 64-65 repealed effective April 10, 1980), refers to one who has paid value in money or money's worth. It does not refer to a gift or transfer involving a nominal consideration.

Authority: Noe v. Smith, 67 Okla. 211, 169 P. 1108, L.R.A. 1918C, 435 (1917); Exchange Bank of Perry v. Nichols, 196 Okla. 283,164 P.2d 867 (1945). Comment: The title acquired by a "purchaser for value", within the meaning of the Simplification of Land Titles Act, will descend or may be devised or transferred without involving "value" and without loss of the benefits of the act.

History: The 1962 Real Property Committee Report recommended the adoption of this standard, see Recommendation (2), 33 O.B.A.J. 2157 (1962) and Exhibit B, id. at 2164. Approved by Real Property Section and House of Delegates, id . at 2469, November 29, 1962.