bona fide (not comparable) 1  In good faith. 2  Genuine; not counterfeit.
What is a 'Debtor in Possession (DIP)' A debtor in possession (DIP) is a person or corporation who has filed for bankruptcy protection but still holds property that a creditor has a right to.  It is part of U.S. bankruptcy law and is the term used to describe a corporation that continues to do business while under Chapter 11 bankruptcy proceedings.
Open and Notorious Possession: Possession that is held by an adverse possessor in a manner that the true owner of the property would be likely to discover in the ordinary course of events or in the ordinary course of the true owner inspecting his or her property.he rule of adverse possession is merely a corollary to the general concept of the statute of limitations. Statutes of limitations are laws enacted in all 50 states and under the federal system that limit the amount of time that a party has to bring a claim.