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Under the Negotiable Instruments Act, 1881, a holder in due course is a person who acquires a negotiable instrument in good faith and for valuable consideration, before it becomes payable, and without having sufficient reason to believe that the person from whom he derives his title had a defective title. The concept of a holder in due course is important in business law because it gives special protection to a person who receives a negotiable instrument honestly and in the ordinary course of business. Such protection is necessary to maintain confidence in negotiable instruments such as bills of exchange, promissory notes and cheques. Section 9 of the Negotiable Instruments Act, 1881 defines a holder in due course. According to this section, a holder in due course means a person who, for consideration, becomes the possessor of a promissory note, bill of exchange or cheque if payable to bearer, or the payee or indorsee thereof, if payable to order, before the amount mentioned in it becomes payable, and without having sufficient cause to believe that any defect existed in the title of the person from whom he derives his title. Thus, certain essential conditions must be satisfied. First, there must be a negotiable instrument. Secondly, the person ____ ________ _____ _______ _________ ___.
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