For purposes of § 55-17-12, the term, bona fide purchaser, means a purchaser of property for value who has not knowingly been a party to fraud or illegality affecting the interest of the spouses or other parties to the transaction, does not have notice of an adverse claim by a spouse, and has acted in the transaction in good faith. For purposes of this section, the term, purchaser, means a person who acquires property by sale, lease, discount, negotiation, mortgage, pledge, or lien, or otherwise deals with property in a voluntary transaction other than making a gift. A purchaser gives value for property if the property is acquired:

1. (1) In return for a binding commitment to extend credit;
2. (2) As security for or in total or partial satisfaction of a preexisting claim;
3. (3) By accepting delivery under a preexisting contract for purchase; or
4. (4) In return for other consideration sufficient to support a contract.

Source: SL 2016, ch 231 , § 41.