In legal terms person who takes the instruments bonafide for value before it is overdue in good fait...........

Commercial and Business Laws Negotiable Instrument Act

In legal terms, person who takes the instruments bonafide for value before it is overdue, in good faith, is known as:

Holder in due course

Holder

Holder for value

None of the above

Certainly! Here's the explanation for each option:

- Option 1: Holder in due course

- A Holder in due course is someone who acquires a negotiable instrument for value, in good faith, and before it is overdue.

- They are protected against defenses that others might raise.

- Option 2: Holder

- A Holder is simply someone in possession of an instrument.

- Not necessarily has taken it for value or before it's overdue.

- Option 3: Holder for value

- Refers to someone who has provided value in exchange for the instrument.

- Does not necessarily imply good faith or timeliness.

- Option 4: None of the above

- Indicates that none of the other options are correct, which isn’t the case here.

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