धारा 109

A holder in due course is a holder who has taken the instrument under the following conditions: (a) that the instrument when taken by him was complete and in the usual form in which such an instrument is issued or drawn; (b) that he became the holder of the instrument before it was over-due; and (c) that he took the instrument without notice of any defect in the title of the person from whom he received it, or of any other redhibitory defect, and that he took it in good faith and for value. A holder may be a holder in due course even though he has notice of some redhibitory defect in the instrument or in the title of the person from whom he received it.