payment in due course
n.
Payment to the holder of a negotiable instrument on or after its maturity date in good faith and with no known defects in title.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


payment in due course
payment made at or after the maturity of a bill of exchange to the holder of the bill by a payer in good faith and without notice that the holder's title might be defective. A bill is discharged by payment in due course by or on behalf of the drawee or acceptor. When a bill is paid by the drawer or indorser it is not discharged and the party paying may have rights on it.

Collins dictionary of law. . 2001.


payment in due course
Payment of funds to the holder of a promissory note or other negotiable instrument made without knowledge that the document had been acquired by fraud or that the holder did not have valid title. The true owner of the note cannot also demand payment, but must look to the recipient of the funds.
Category: Personal Finance & Retirement

Nolo’s Plain-English Law Dictionary. . 2009.


payment in due course
n. The payment of a negotiable instrument to the holder on or after its due date in good faith by the payer and with no notice of any defect in title.

Webster's New World Law Dictionary. . 2000.

payment in due course
n.
   the giving of funds to the holder of a promissory note or bill of exchange when due, without any knowledge that the document had been acquired by fraud or that the holder did not have valid title. The true owner of the bill or note cannot also demand payment, but must look to the recipient of the funds.
   See also: holder in due course

Law dictionary. . 2013.

Look at other dictionaries:

  • payment in due course — Payment at or after the maturity of the instrument to the holder thereof in good faith and without notice that his title is defective. 11 Am J2d B & N § 964. For effect of the Commercial Code upon the requirement of a payment in due course for… …   Ballentine's law dictionary

  • payment in due course — The payment of a bill of exchange when it matures (becomes due) …   Big dictionary of business and management

  • holder in due course — holder in due course: the holder of a negotiable instrument that is complete and regular on its face and that is taken in good faith and for value without notice that it is overdue or has been dishonored or that there is any defense against it or …   Law dictionary

  • due course payment — See payment in due course …   Ballentine's law dictionary

  • payment in good faith — See payment in due course …   Ballentine's law dictionary

  • due course of trade — In the ordinary course of business. The circumstances attendant upon a transaction in the ordinary course of business, such as a sale and payment of the price contemporaneously …   Ballentine's law dictionary

  • payment — The fulfilment of a promise, or the performance of an agreement. A discharge of an obligation or debt, and part payment, if accepted, is a discharge pro tanto. In a more restricted legal sense payment is the performance of a duty, promise, or… …   Black's law dictionary

  • due — adj [Old French deu, past participle of devoir to owe, from Latin debere] 1 a: satisfying or capable of satisfying an obligation, duty, or requirement under the law the buyer s due performance under the contract due proof of loss b: proper under… …   Law dictionary

  • due — due1 W1S1 [dju: US du:] adj ▬▬▬▬▬▬▬ 1¦(expected)¦ 2¦(owed)¦ 3¦(money)¦ 4 in due course 5¦(proper)¦ 6 with (all) due respect ▬▬▬▬▬▬▬ [Date: 1200 1300; : Old French; Origin: deu owed , past participle of devoir to owe , from …   Dictionary of contemporary English

  • due — dueness, n. /dooh, dyooh/, adj. 1. owed at present; having reached the date for payment: This bill is due. 2. owing or owed, irrespective of whether the time of payment has arrived: This bill is due next month. 3. owing or observed as a moral or… …   Universalium

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