Fairly. Equitably; reasonably. In "fairly merchantable," conveys the idea of mediocrity in quality, or something just above that.1 May be deemed synonymous with "equitably." 2 But is not synonymous with "truly:" language may be truly yet unfairly reported. See FAITHFULLY. Fairness. In speaking of a sale, "fairness and good faith" refers to the fair dealing which usually characterizes business transactions. 2, n. In English law, a species of market held by grant from the crown.5 In the United States, "fairs" are governed by the law as to partnerships and sales. See MARKET. Belief; confidence; reliance; credence; trust, q. v. Fair intent of purpose; honesty, openness, uprightness; sincerity; fidelity to a representation, promise, or duty. Good faith. Honest, lawful intent; the condition of acting without knowledge of fraud and without intent to assist in a fraudulent or otherwise unlawful scheme. Bad faith. Guilty knowledge or willful ignorance. The corresponding Latin expressions are bona fides, and mala fides. See FIDES. A creditor, holder, possessor, & purchaser, or transferee in good faith is one who has loaned money or purchased property fairly, in the usual course of business, and without being cognizant of, or implicated in, any intent which the borrower or seller may have had to evade the claims of his creditors or to defraud some person interested in the matter. 10 The title of a person who takes negotiable paper before it is due, for a valuable consideration, can only be defeated by showing bad faith in him, which implies guilty knowledge or willful ignorance of the facts impairing the title of the party from whom he received it. The burden of proof lies on the assailant of the taker's title." A purchaser in good faith of negotiable paper for 1 Warner v. Arctic Ice Co., 74 Me. 479 (1883). Satcher v. Satcher, 41 Ala. 40 (1867). • Lawrence v. Finch, 17 N. J. E. 239 (1865). • Morgan v. Hazlehurst Lodge, 53 Miss. 683 (1876). See 1 Bl. Com. 274. 1 Pars. Contr. 333. See 66 Ga. 722; 30 Minn. 272. 8 See 31 Md. 454; 8 Wheat. 79; 12 Tex. 222; 24 id. 379. See 71 Ala. 221; 44 Conn. 459; 65 Barb. 231; 7 Johns. Ch. 65; 2 Utah, 52. 10 [1 Abbott's Law Dict. 536; 111 U. S. 80. 11 Hotchkiss v. Tradesmen's, &c. Nat. Banks, 21 Wall. 359 (1874), cases; Dresser v. Missouri, &c. Co., 93 U. S. 94-95 (1876), cases; Collins v. Gilbert, 94 id. 754 (1876), cases. value, before maturity, takes it freed from all infirmities in its origin, unless it is absolutely void for want of power in the maker to issue it, or its circulation is by law prohibited by reason of the illegality of the consideration. His transferee, with notice of the infirmities, may equally recover. 1 A party who, before its maturity and for a valuable consideration, purchases mercantile paper from the apparent owner thereof, acquires a right thereto which can only be defeated by proof of bad faith or of actual notice of such facts as impeach the validity of the transaction.2 A holder in good faith is a purchaser for value without notice, or his successor." The bad faith in the taker of negotiable paperwhich will defeat a recovery by him must be something more than a failure to inquire into the consideration upon which it was made or accepted, because of rumors or general reputation as to the bad character of the maker or drawer. See further NEGOTIATE, 2; NOTICE, 1; LOST, 2. One who buys at a voluntary sale from his debtor, crediting the consideration on a pre-existing debt, is not a bona fide purchaser for value: he advances nothing, and, if the title fails, loses nothing.5 The highest good faith is exacted of a person dealing with a trustee respecting the trust property. See TRUST, 1; FIDUCIARY. Full faith and credit. "Full Faith and Credit shall be given in each State to the public Acts, Records, and judicial Proceedings of every other State. And the Congress may by general Laws prescribe the Manner in which such Acts, Records and Pro ceedings shall be proved, and the Effect thereof." 6 For the history of this provision, see EXTRADITION, page 441. A record must be authenticated as prescribed by act of May 26, 1790. The records and judicial proceedings of the courts of any State (authenticated as herein prescribed) "shall have such faith and credit given to them, in every court within the United States, as they have by law or usage in the courts of the State from which they are taken." & The judgments of the courts of the United States have invariably been recognized as upon the same 1 Cromwell v. County of Sac, 96 U. S. 51, 59 (1877), cases, Field, J.; Bowditch v. New England Life Ins. Co., 141 Mass. 296 (1886). 2 Swift v. Smith, 102 U. S. 444 (1880), Strong, J. 3 McClure v. Township of Oxford, 94 U. S. 432 (1876), Waite, C. J. Goetz v. Bank of Kansas City, 119 U. S. 560 (1887), Field, J. See, in general, 22 Cent. Law J. 437-42 (1886), cases. 5 Overstreet v. Manning, 67 Tex. 661 (1887); 61 id. 648. Constitution, Art. IV, sec. 1. Caperton v. Ballard, 14 Wall. 241 (1871). & Act 26 May, 1790, с. 11; Act 27 March, 1804, c. 56: R. S. § 905.