Negotiable instrument
This query is : Resolved
08 October 2014
holder in due course meaning?
09 October 2014
Holder means any person entitled in his own name to the possession of the negotiable instrument and to recover or receive the amount due thereon from the parties thereto. A holder in due course on the other hand, means a holder who takes the instrument in good faith for consideration before it is overdue and without any notice of defect in the title of the person who transferred it to him.
Example:
A is the holder of a Bill and he transfers the Bill in to the B for say Rs 1000/-. So B will be holder in due course and B will be entitled to recover the amount from the person on whom bill is drawn.
Example:
A is the holder of a Bill and he transfers the Bill in to the B for say Rs 1000/-. So B will be holder in due course and B will be entitled to recover the amount from the person on whom bill is drawn.
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