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Simple English definitions for legal terms
market overt
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A quick definition of market overt:
Market overt is a place where people buy and sell things. It can be a physical place like a farmers' market or a virtual place like an online store. In market overt, buyers can get good title to products even if the seller has defects in their title. This means that buyers can legally own the products they buy.A more thorough explanation:
Market overt is a legally regulated public market where buyers can acquire good title to products regardless of any defects in the seller's title. This means that if you buy something at a market overt, you own it even if the seller didn't have the right to sell it.
For example, if you buy a watch at a market overt and later find out that it was stolen, you still own the watch and the original owner cannot take it back from you.
Another example is if you buy a car at a market overt and later find out that there is a lien on it, you still own the car and the lien holder cannot repossess it from you.
Market overt is different from a private sale, where the buyer has to make sure that the seller has the right to sell the product before buying it.