innocent purchaser for value

A legal term used to describe an individual who purchases an asset (for example vehicles or artwork) that is involved in fraud or some other crime. The buyer in this case purchases the asset without knowledge of the crime, and as such is not punished for their involvement. Final ownership of the asset is decided on a case-by-case basis because both the original owner and innocent purchaser may have legal rights to that asset. There is also a statute of limitations governing recovery of stolen property that varies by country and state.