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A holder in due course of a negotiable instrument takes the instrument free of all defenses...

A holder in due course of a negotiable instrument takes the instrument free of all defenses to the instrument except those that concern its:

Multiple Choice

  • collectability.

  • adaptability.

  • validity

  • reliability

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Answer #1

Answer

  • The correct answer is Option #3: Validity.
  • One of the benefit of negotiable instruments is that it gives certain rights to the holder of such negotiable instrument.
  • One such right is for the ‘holder (of instrument) in due course’.
  • If the holder of a negotiable instrument is a holder in due course, he takes the instrument free of all defences and claims to the instrument EXCEPT those that concerns the validity of the instrument.
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