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Meaning of holder in due course

hold'er in due' course'

Pronunciation: [key]
  1. a person who has received a negotiable instrument in good faith and without notice that it is overdue, that there is any prior claim, or that there is a defect in the title of the person who negotiated it.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.