Who is Holder? Who is Holder in Due Course? Holder and Holder in Due Course are defined under Section 8 and 9 of Negotiable Instruments Act 1881
The "holder" of a promissory note, bill of
exchange or cheque means any person entitled in his
own name to the possession thereof and to receive or
recover the amount due thereon from the parties
Where the note, bill or cheque is lost or destroyed, its holder is the person so entitled at the time of such loss or destruction.
"Holder in due course" means any person who for consideration became the possessor of a promissory note, bill of exchange or cheque if payable to bearer, or the payee or endorsee thereof, if payable to order, before the amount mentioned in it became payable, and without having sufficient cause to believe that any defect existed in the title of the person from whom he derived his title
CHAPTER II NOTES, BILLS AND CHEQUES