A person who takes a negotiable instrument for value, in good faith, and without notice that it is defective or overdue is referred to as a(n) ________.

Question

02-03-2020
Social Studies

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A person who takes a negotiable instrument for value, in good faith, and without notice that it is defective or overdue is referred to as a(n) ________.

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Cetacea Cetacea · Answer 1 · 2020-03-05T10:33:17+01:00

Answer: Holder in due course

Explanation:

Holder in due course is the person who trust the negotiable entity or instrument for change through value .The person does not doubt the validity and authenticity of instrument.

The practice performed is value for value exchange in which defectiveness , error late than scheduled criteria is not noticed. Holder in due course is original holder of the instrument and can make the claim over value of instrument.