Professional Documents
Culture Documents
123
123
bill w/ no drawee
altered check
unapparent alteration
(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;
As to acceleration instruments
1 installment or interest is unpaid = overdue = NOT holder in due course
As to interest
GR: if interest is overdue = holder in due course
GF =
lack of notice of defect or infirmity
holder is w/o knowledge or notice of any sort which could be set up
against a prior holder of the instrument
basis is purpose NOT negligence EX if suspicious circumstance
failed to inquire
(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.
(elaboration of [c])
Defenses
mistake
That
he
took
it
in
good
faith
and
for
value;