Holder
Full Text
“Holder”.—The “holder” of a promissory note, bill of exchange or cheque means any person entitled in his own name to the possession thereof and to receive or recover the amount due thereon from the parties thereto.
Where the note, bill or cheque is lost or destroyed, its holder is the person so entitled at the time of such loss or destruction.
Plain English Summary
Defines a holder as a person entitled in their own name to possess the instrument and recover the amount due, including at the time of loss/destruction.
Key Legal Elements
- Must be entitled in their own name to the possession of the instrument
- Must be entitled to receive or recover the amount due from the parties
- In case of loss or destruction, the holder is the person entitled at the time of such loss/destruction
Practical Note
A key concept. A holder must have the legal right to possess and sue in his own name. A mere finder or thief of an instrument is not a 'holder' because they are not entitled in their own name to receive or recover the money.
हिंदी पाठ
“धारक”।—वचन-पत्र, विनिमय-पत्र या चेक के “धारक” से वह व्यक्ति अभिप्रेत है जो अपने स्वयं के नाम पर उसका कब्जा रखने तथा उस पर देय राशि को उसके पक्षों से प्राप्त करने या वसूल करने का हकदार है।
जहां वचन-पत्र, विनिमय-पत्र या चेक खो जाता है या नष्ट हो जाता है, वहां उसका धारक वह व्यक्ति होता है जो ऐसे खोने या नष्ट होने के समय उसका हकदार था।