Under common law, a person who acquires a bill or note for value, in good faith, and without notice that it is defective, overdue, or that any person has a claim to or defense against it is referred to as a(n) ________.

Question

Quizplus · Accepted Answer

A holder in due course is a person who meets the criteria mentioned in the question: acquiring a bill or note for value, in good faith, and without notice of any defects or claims against it. This status provides the holder with certain legal protections and rights under the law. Options B, C, and D are not relevant to the definition given in the question.

Under Common Law, a Person Who Acquires a Bill or Note