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.) the possessor must have actually entered the property and must have exclusive possession of the property; 2) the possession must be âopen and notoriousâ; 3) the possession must be adverse to the rightful owner and under a claim of right; and. 4) the possession must be âcontinuousâ for the statutory period.