Explanation:

- Option 1: Holder for Value – This refers to anyone who has given value (like money or goods) for the instrument, but not necessarily in good faith or without knowledge of defects.

- Option 2: Holder – A holder is simply any person in possession of a negotiable instrument who is entitled to receive or recover the amount due on it.

- Option 3: Holder in due course – This is someone who receives the instrument for value, in good faith, and without notice of any defect. This person also gets better protection under the law.

- Option 4: Holder in rights – This is not a standard legal term for negotiable instruments.