BILLS OF EXCHANGE ACT 1882 - SECT 29 Holder in due course.

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BILLS OF EXCHANGE ACT 1882 - SECT 29

Holder in due course.

29.(1) A holder in due course is a holder how has taken a bill, complete and
regular on the face of it, under the following conditions; namely,

(a)That he became the holder of it before it was overdue, and without notice
that it had been previously dishonoured, if such was the fact:

(b)That he took the bill in good faith and for value, and that at the time the
bill was negotiated to him he had no notice of any defect in the title of the
person who negotiated it.

(2) In particular the title of a person who negotiates a bill is defective
within the meaning of this Act when he obtained the bill, or the acceptance
thereof, by fraud, duress, or force and fear, or other unlawful means, or an
illegal consideration, or when he negotiates it in breach of faith, or under
such circumstances as amount to a fraud.

(3) A holder (whether for value or not), who derives his title to a bill
through a holder in due course, and who is not himself a party to any fraud or
illegality affecting it, has all the rights of that holder in due course as
regards the acceptor and all parties to the bill prior to that holder.

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Northern Irish Legislation

BILLS OF EXCHANGE ACT 1882 - SECT 29