Bona Fide Error

An error that was unintentional; an "honest error." If a bona fide error is corrected immediately, then a defendant may not be liable for an action.

For example, under the Truth in Lending Act, a creditor can avoid liability by demonstrating that a violation was unintentional and was caused by a bona fide error, including clerical, calculation, computer malfunction or printing error. An error in legal judgment, however, is not ordinarily considered a bona fide error.

Bona fide is a Latin phrase that means "in good faith," and thus sincere or honest. It can also mean authentic or genuine; a bona fide Van Gogh is a painting by Van Gogh. The various uses of bona fide reflect these meanings. For example, a bona fide resident is someone who resides, continuously and without interruption, for a certain minimum period of time.

Investment dictionary. . 2012.

Look at other dictionaries:

  • bona fide error — genuine mistake …   English contemporary dictionary

  • bona fide — /bowna faydiy/bowna fayd/ In or with good faith; honestly, openly, and sincerely; without deceit or fraud. Merrill v. Dept. of Motor Vehicles, 71 Cal.2d 907, 80 CaLRptr. 89, 458 P.2d 33. Truly; actually; without simulation or pretense.… …   Black's law dictionary

  • de fide et officio judicis non recipitur quaestio, sed de scientia, sive sit error juris, sive facti — /diy faydiy et afishiyow juwdasas non rasipatsr kwes(h)t(iy)ow, sed diy sayensh(iy)a, sayviy sit ehrar jiiras sayviy fcektay/ Concerning the fidelity and official conduct of a judge, no question is [will be] entertained; but [only] concerning his …   Black's law dictionary

  • Ошибка Настоящая — англ. bona fide error подлинная ошибка при оформлении документов, ценной бумаги, в отличие от подделки. Словарь бизнес терминов. Академик.ру. 2001 …   Словарь бизнес-терминов

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