innocent indorsee

innocent indorsee
One who has acquired the instrument by indorsement without notice of defects in the instrument, prior dishonor, or of a third person's equities in or claims to the instrument. Christensen v Farmers' Warehouse Asso. 5 ND 438, 67 NW 300. See holder in due course.

Ballentine's law dictionary. . 1998.

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  • innocent holder for value — One who has acquired property from another for value without notice of a third person s equities in or claims to the property. In order that a payee of trust funds may prevail as an innocent holder for value, in addition to being innocent of its… …   Ballentine's law dictionary

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