| Commentary

10 Holder

| Commentary

10 Holder

A holder is defined as the payee of a bill, the indorsee of a bill with possession, or the bearer of the bill1. There is a statutory presumption that every party whose signature appears on a bill of exchange has become a party thereto for value2. A holder in due course of a bill of exchange is a holder who acquired the bill (which is complete and regular on its face) (1) before the bill was overdue and without notice of it having been previously dishonoured (if it has been), and (2) having taken

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