Asked by Angelica Golebiewski on Apr 29, 2024
Verified
According to the Uniform Commercial Code,a party may be a holder in due course of a non-negotiable instrument.
Uniform Commercial Code
The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions.
Non-negotiable Instrument
A document or contract that cannot be transferred or assigned from one person to another in a way that the receiver obtains the legal right to it.
Holder in Due Course
A party that has acquired a negotiable instrument in good faith and for consideration, thereby obtaining certain rights free of many defenses available to the original parties.
- Comprehend the principle of holder in due course and its significance in the law of negotiable instruments.
Verified Answer
Learning Objectives
- Comprehend the principle of holder in due course and its significance in the law of negotiable instruments.
Related questions
The Purpose of the Shelter Principle Is to Discourage the ...
The Purpose of Holder-In-Due-Course Status Is to Protect a Financial ...
When a Party Receives a Negotiable Instrument as a Gift,the ...
A Payee Can Be Considered a Holder in Due Course
Carl Writes a Check Made Payable to Patricia Sullivan or ...