HOLDER

The holder of a bill of exchange, promi ory note, or check is the person who has legally acquired the po e ion of the same, from a person capable of transferring it, by indorsement or delivery, and who is eptitled to receive payment of the in• strument from the party or parties Hable to meet it Bowling v. Harrison, 6 How. 258, 12 L. 100. 425; Crocker-Wool worth Nat Bank v. Nevada Bank, 139 Cal. 564, 73 Pac. 456, 63 L. R. A. 245, 96 Am. St. Rep. 169; Rice v. 'Hogan, 8 Dana (Ky.) 135; Rev. Law1 Ma . 1902, p. 653, § 207. -Holder in due course, in English law, ls "a holder who has taken a bill of exchange (check or note) 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 dishonored, if such was the fact. (b) That he took the bill (check or note) in good faith and for value, and that at the time it was negotiated to him he had no notice of any defect in the title of' the person who ne_gotiated it." Bills of Exchange Ac~, 1882 1 (45 & 46 Viet. c. 61 I 29.) And see Sutnerlana v. Mead, 80 App. Dlv. 108, 80 N. Y. Bupp. 504,. [s. 580]