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.
Under the terms of a trustee deed, the borrower retains equitable title â what is commonly considered ownership of the property â and the right to possession of the property. The borrower gives the lender a promissory note â a legal pledge to pay money owed â in exchange for a loan.