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________ is a person who became the possessor or payee of a negotiable instrument for consideration.

  • The holder of the instrument is a person who became the possessor or payee of a negotiable instrument for consideration.
  • In the context of negotiable instruments, the term "holder" refers to a person who is in possession of the instrument and who has a legal right to enforce it.
  • Under the Negotiable Instruments Act, of 1881 in India, a person who is in possession of a negotiable instrument that is payable to the bearer (such as a bearer cheque or a bearer promissory note) is deemed to be the holder of the instrument.
  • In the case of an instrument that is payable to order (such as an order cheque or an order promissory note), the holder is the person who is named as the payee on the instrument, or who is in possession of the instrument endorsed in their favor by the payee or a previous holder.