As per Section 9 of Negotiable Instrument
Act
Holder in due course
means any person who for consideration became the possessor
of a promissory note, bill of exchange or cheque if
payable to bearer, or the payee or indorse thereof,
if [payable to order] before the amount mentioned in
it became payable, and without having sufficient cause
to believe that any defect existed in the title of the
person from whom he derived his title.
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