Negotiable Instruments Act, 1881
9. "Holder in due course"
"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 endorsee thereof, if 9[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.