Holder

An individual who has lawfully received possession of a COMMERCIAL PAPER, such as a check, and who is entitled to payment on such instrument.

A holder is distinguishable from a holder in due course since, in addition to possession of the instrument, the latter takes it for value, in GOOD FAITH, and in the absence of any notice that there is any claim against it or that it is overdue or has been dishonored, which means that payment of it has been refused.