preferred if the purchaser of the le- gal estate had bought the property in dispute with knowledge of the prior equitable interest af- fecting the property. See Cole v. Folami (supra). However, where the purchaser claims to have bought the property for value without notice of any equities attaching to the land and such claim is not disproved, the legal title so obtained by the purchaser will not be disturbed; he takes free from any prior equitable interest affecting the property.
The following analysis of the plea is instructive:
BONAFIDE: For the plea to succeed, the purchaser must establish his good faith. It is essen- tial that he must be innocent of any equity attaching to the property in dispute; that is, he must not be affected by any notice, actual, constructive or imputed, of a prior equity affecting the property.
PURCHASER FOR VALUE: Since equity will not assist a volunteer, a purchaser who has not given value for the property takes subject to all prior equitable rights affecting the property. Value means money or money's worth. See Thorndike v. Hunt (1859) 3 De G. & 1. 563. Mar- riage consideration is of the very highest value; higher than that of money paid on a purchase. See Salih v. Archi (1961) A.C. 778, 793. A transfer of property in satisfaction of a pre-existing debt confers on the transferee the title of a purchaser for value. Such transferee gives valuable consideration just as much as if he had actually part with money; for, he has given up or parted with the right to sue in respect of the debt. See Taylor v. Blakelock (1886) 32 Ch.D. 562, 568. The mere fact that the value given by a purchaser is not adequate is not sufficient to defeat the plea of bonafide purchaser; it may, however, cast some doubt on the proprietary of the transac- tion.