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Holder in due course is the one who has taken a bill of exchange in good faith and for value, before it was overdue and without notice of previous dishonor or of any defect in the title of the person who negotiated or transferred the bill.
NB: The holder in due course holds the bill free from any defect title of prior parties and may enforce payment against all parties liable on the bill. A bank which has allowed customer to draw against unendorsed, un-cleared cheque is a holder in due course. See case of Midland Bank vs. Harris [1963] 1 WLR 1021.
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