A(n) ________ is a party in possession of an instrument that is payable to the party or to the bearer.
A) endorsee
B) bearer
C) payee
D) trustee
E) holder

Question

Quizplus · Accepted Answer

A holder is the term used to describe a party in possession of an instrument (such as a check or promissory note) that is payable either to them specifically or to whoever holds the instrument (bearer). This encompasses both the original payee if they still possess the instrument, and any subsequent party who has legally acquired possession of it.

A(n) ________ Is a Party in Possession of an Instrument