Many judges in the Republic of Panama are now attempting, through their rulings, to suppress the country's unspeakable wave of bearer share fraud. Many US, Canadian & EU nationals have found that their trusted attorneys have fraudulently transferred ownership of the bearer share corporations which own their real estate, and later illegally sold the stolen properly to a bona fide purchaser, free & clear of any claims. Many of Panama's hard core of corrupt and greedy lawyers bribe a local Notary Public to attest to forged endorsements of client's bearer shares, and then sell off the real estate to unsuspecting buyers.
Here is how Panamanian judges refuse to be part of the fraud; They want all the documents that one would ordinarily have at a closing, where realty is transferred:
(1) They demand that a copy of the contract for purchase and sale be provided to the Court.
(2) They require a Bill of Sale, signed by the seller.
(3) They ask for an executed Assignment of Corporate Assets.
Without all the above, the judges refuse to adopt any transfers of shares of stock in and to bearer-share corporations. While corrupt lawyers generally can easily find a dirty notary to assist them, most of these
bad actors do not have a complete set of the above documents, as they are often very poor lawyers, short on legal skills, and long on greed. Attention to detail ? Not these crooks; they often do not know how to draft a contract, and rely upon forms given to them by others.
Some judges are now even refusing to accept the time-honored principle of Panamanian law, where a BFP (bona fide purchaser for value) is allowed to retain even property stolen by the prior seller. These brave members of the judiciary are hopefully, the shape of things to come, for Panama sorely needs reform of its courts, lawyers, and even some judges.