holder in due course

noun
a person who has received a negotiable instrument in good faith and without notice that it is overdue, that there is any prior claim, or that there is a defect in the title of the person who negotiated it.

Origin:
1890–95

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
However, if the promise or order is an instrument, there cannot be a holder in due course of the instrument.
Express will honor the check in its full amount upon presentation by a holder in due course.
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