CHAPTER 28

CHAPTER 28 - CHAPTER SUMMARY Requirements of a Holder in...

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CHAPTER SUMMARY Requirements of a Holder in Due Course Holder a person who has both possession of an instrument and all indorsements necessary to it Value differs from contractual consideration and consists of any of the following: the timely performance of legal consideration (which excludes executory promises); the acquisition of a security interest in or a lien on the instrument; taking the instrument in payment of or as security for an antecedent debt; the giving of a negotiable instrument; or the giving of an irrevocable commitment to a third party Good Faith honesty in fact and the observance of reasonable commercial standards of fair dealing Lack of Notice Notice an Instrument Is Overdue time paper is overdue after its stated date; demand paper is overdue after demand has been made or after it has been outstanding for an unreasonable period of time Mann CH 28- 1
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Notice an Instrument Has Been Dishonored dishonor is the refusal to pay or accept an instrument when it
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This note was uploaded on 10/14/2010 for the course BUS 5503 taught by Professor Sorrell during the Fall '10 term at Troy.

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CHAPTER 28 - CHAPTER SUMMARY Requirements of a Holder in...

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