NIA 9 — “Holder in due course”

Negotiable Instruments Act, 1881

Statutory text

“Holder  in  due  course”  means  any  person  who  for  consideration
became the possessor of a promissory note, bill of exchange or cheque if payable to bearer,
or the payee or indorsee thereof, if

[payable to order,]
before the amount mentioned in it became payable, and without having sufficient cause to believe that any defect existed in the title of the person from whom he derived his title.

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