Other Free Encyclopedias » Law Library - American Law and Legal Information » Free Legal Encyclopedia: Health and Safety Commission (HSC) to Hypothetical Question

Holder

possession instrument payment

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.

Holder in Due Course [next]

User Comments

Your email address will be altered so spam harvesting bots can't read it easily.
Hide my email completely instead?

Cancel or