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Simple English definitions for legal terms

payment in due course

Read a random definition: journal of notarial acts

A quick definition of payment in due course:

Payment in due course: When someone owes money and they pay it with a special kind of paper called a negotiable instrument, like a check, it's called payment in due course. If the person who gets the check did not know that it was late or that there were any problems with it, and they took it in good faith, then the debt is considered paid even if the check was cashed after the due date. This is called being a holder in due course.

A more thorough explanation:

Definition: Payment in due course refers to the payment made by a debtor on a negotiable instrument, even if it is made after the maturity date of the instrument. This payment discharges the instrument. The holder of the instrument, known as a holder in due course, must have taken the instrument in good faith, for value, and without notice of any legal claims against it.

Example: John owes $500 to his friend, Sarah. He writes a check to Sarah for the amount on the due date. Even though the check is post-dated, Sarah can still deposit it and receive payment in due course. If John had stopped payment on the check before the due date, Sarah would not have been able to receive payment in due course.

Explanation: This example illustrates payment in due course because Sarah received payment on a negotiable instrument (the check) even though it was post-dated. Since Sarah took the check in good faith, for value, and without notice of any legal claims against it, she is considered a holder in due course and the payment discharges the instrument.

payee | payment in full

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1a2b3c4d26z
13:26
That's awesome
1a2b3c4d26z
13:26
real ones shop at bergdorf
13:28
real ones shop at YMH
triplethread
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i missed another fordham wave
triplethread
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mamas getting denied
JumpySubsequentDolphin
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the bergdorf on 5th Ave in NYC is so
JumpySubsequentDolphin
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it feels like home
Dkk
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I'm at your mommas house rn: https://x.com/Mansavelli_/status/1648073454665572352
triplethread
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im addicted to reacting to all of the decisions
triplethread
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with the emojis
HopefullyInLawSchool
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I shop at Joe
HopefullyInLawSchool
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Joe's
glovediedthisishismom
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i shop at tawget
glovediedthisishismom
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im dawk gawthic maga
triplethread
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i shop at giant eagle
ForDizzyDJoy
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How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
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yak you will be fucking shit up at cornell this time next year dw
i love u
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love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
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@glovediedthisishismom: What if he appoint Ym instead?
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