Definition and Meaning of Notice Simply put, notice in equity is knowledge of existing fact. It may take one of three forms, viz, actual, constructive or imputed. (i) Actual Notice: This kind of notice speaks for itself. A purchaser has actual or express notice of prior interest, if, at the time when value was given by him, or at any time before the completion of the transaction, he was in fact aware of the existence of such interest. See Joyce, J. in Perham v. Kempster (1907) 1 Ch. 373 at 379; Hummani Ajoke v. A.Y. Oba (1958) W.N.L.R. 208, 210. Thus, actual notice consists of such personal know- ledge of a prior equity affecting property which a purchaser intends or proposes to buy. The source of a purchaser's knowledge does not seem to be material: it may be direct or indirect. See Lawton v. Gordon op. cit.; Lloyd v. Banks (1868) 3 Ch. App. 488. The important thing to establish before a purchaser is fixed with notice of prior equity is that the purchaser had actual notice of such equity before he acquires his superior title. Notice acquired in a previous and distinct transaction is valid and binding provided it is not too distant to have escaped the memory of a prudent man of business. However, a purchaser will not be bound by notice whose source is wholly unreliable and would have been treated as such, by a reasonable and prudent man of business. (ii) Constructive Notice: The practical operation of constructive notice is consistent with the basis of equitable jurisdiction which is to prevent parties exercising their legal rights in an unconscionable manner. See G.B. Ollivant Ltd. v. Alakija (1950) 13 W.A.C.A. 63 at 67. The rule of equity is that “where a purchaser has knowledge of