It is not necessary that one own the instrument to be a "holder."

Name: It is not necessary that one own the instrument to be a "holder."
Brand: Quizplus
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Question

Quizplus · Accepted Answer

According to the Uniform Commercial Code (UCC), a person can be a holder of an instrument even if they do not own it, as long as they have possession of it and the legal right to enforce it. This is known as being a "holder in due course."

It Is Not Necessary That One Own the Instrument to Be