ITS v Noble

The question before the Court of Appeal in Independent Trustee Services Ltd v GP Noble Trustees Ltd 1 was whether a title-holder can continue to rely upon the defence of bona fide purchase in order to defeat a prior equitable interest even though the transaction under which value was provided at the time of acquisition of title has been set aside. The facts were unusual, perhaps “exceptional”, 2 but the question raised by them is of broader conceptual and practical interest: are the elements of the defence tested only at the