23:56
@OppositeEarlyCorgi: yep, fuckin sucks. My community college is scalled down by LSAC so I go from a 3.77 to a 3.44 or some shit like that.
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Simple English definitions for legal terms
holder for value
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A quick definition of holder for value:
A holder for value is someone who has given something of value in exchange for a negotiable instrument. This could mean they have acquired a security interest in the instrument or accepted it as payment for something they were owed. Essentially, it means they have a legitimate claim to the instrument and its value. Another term for this is a bona fide holder for value.
A more thorough explanation:
A holder for value is a person who has given something of value in exchange for a negotiable instrument. This can include:
- Acquiring a security interest in the instrument
- Accepting the instrument in payment of an antecedent claim
For example, if you lend someone money and they give you a promissory note as collateral, you become a holder for value because you have given something of value (the loan) in exchange for the negotiable instrument (the promissory note).
Another example would be if you sell a car and accept a check as payment. You become a holder for value because you have given up ownership of the car in exchange for the negotiable instrument (the check).
In both cases, the person who holds the negotiable instrument has certain rights and protections under the law, including the ability to enforce the instrument if necessary.