Sec. 52. What constitutes a holder in due course. - Act 2031

A holder in due course is a holder who has taken the instrument under the following conditions:

(a) That it is complete and regular upon its face; 
(b) That he became the holder of it before it was overdue, and without notice that it has been previously dishonored, if such was the fact; 
(c) That he took it in good faith and for value; 
(d) That at the time it was negotiated to him, he had no notice of any infirmity in the instrument or defect in the title of the person negotiating it. (Negotiable Instruments Law; Act 2031)

Popular Posts