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holder

The person in possession of a *bill of exchange or promissory note. He may be the payee, the endorsee, or the bearer. A holder may sue on the bill in his own name. When value (which includes a past debt or liability) has at any time been given for a bill, the holder is a holder for value, as regards the acceptor and all who were parties to the bill before value was given. A holder in due course is one 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. He holds the bill free from any defect of title of prior parties and may enforce payment against all parties liable on the bill.

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