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DictionarySeeendorseholder in due course
Holder in Due CourseAn individual who takes a Commercial Paper for value, in Good Faith, with the belief that it is valid, with no knowledge of any defects. The Uniform Commercial Code (UCC) defines a holder in due course as one who takes an instrument for value in good faith absent any notice that it is overdue, has been dishonored, or is subject to any defense against it or claim to it by any other person. holder in due coursen. one holding a check or promissory note, received for value (he/she paid for it), in good faith, and with no suspicion that it might be no good, claimed by another, overdue, or previously dishonored (a bank had refused to pay since the account was overdrawn). Such a holder is entitled to payment by the maker of the check or note. (See: bona fide purchaser) holder in due course a person who has taken a bill of exchange in good faith and for value before it was overdue and without notice of previous dishonour or of any defect in the title of the person who negotiated or transferred the bill. A holder in due course can negotiate the bill further and stands to be recompensed if it is dishonoured by the drawer, acceptor or other endorsee. The original payee ofa cheque is not a holder in due course.holder in due course
holder in due courseA party who acquires possession of an instrument (usually a check,promissory note,or installment sale contract) after giving value for it,in good faith,and without notice that there are any defenses; the holder in due course takes free of any claims. It was common at one time for health clubs,home improvement companies,vinyl siding installers,and many others to provide financing for their customers.The company would then sell the promissory notes to a holder in due course.When the consumer complained of high-pressure sales tactics,services inferior to those represented,or shoddy workmanship and refused to continue making payments,the holder in due course would sue and win a judgment because it was not subject to any defenses against the original party. State legislation has now exempted purchasers of consumer contracts from holder in due course status, so that defenses good against the original party are also good against the purchaser of the paper.There is still a very lively industry in buying consumer paper, but purchasers now include clauses making the purchase with recourse, meaning that if the consumer asserts any defenses, the original contracting party must buy the paper back and deal with the consumer directly. See HIDC
See HIDC |