He obtained the instrument for valuable consideration.The negotiable instrument must be regular and complete in all respects. The negotiable instrument must have the holder in due course.The holder of a negotiable instrument is called the holder in due course if he satisfied the following conditions The holder in due course is a particular kind of holder. He must be entitled to receive or recover the amount from the parties concerned in his name.He must be entitled to the possession of the instrument in his name and under a legal title.The holder of a negotiable instrument means any person entitled in his name to the possession thereof and to receive or recover the amount due thereon from the parties thereto.Ī person is called the holder of a negotiable instrument if the following conditions are satisfied: Accommodation parties (i.e., guarantors) can also be held liable. Various parties, including both signers and non-signers, may be liable for it.If payment is not made on a negotiable instrument when it is due, the holder can use the court system to enforce the instrument.Holder in Due Course called protected holder or bona fide holder for value.
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