Question

Who among the following is a 'holder in due course' under Section 9 of the Act?

Q: Answer-Who among the following is a 'holder in due course' under Section 9 of the Act?

Section 9 defines a holder in due course as a person who, for consideration, became the possessor of a promissory note, bill of exchange or cheque if payable to bearer, or the payee or indorsee if payable to order, before the amount mentioned became payable, and without having sufficient cause to believe that any defect existed in the title of the transferor. Consideration, acquisition before maturity, and good faith are essential. Mere possession Section 8 holder is insufficient.

A Any person merely in possession of the instrument

B A person who obtained the instrument by fraud

C A person who acquired the instrument after maturity

D A person who, for consideration, became the possessor before the amount became payable and without sufficient cause to believe any defect existed in the title

E A legal representative of the deceased holder

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