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The triumph of the good faith purchaser has been one of the most dramatic
episodes in our legal history. In his several guises, he serves a commercial
function: he is protected not because of his praiseworthy character, but to
the end that commercial transactions may be engaged in without elaborate
investigation of property rights and in reliance on the possession of property
by one who offers it for sale or to secure a loan. As the doctrine strikes roots in
one or another field, the "good faith" component tends to atrophy and the
commercial purchaser is protected with little more than lip service paid to
his "bona fides."

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