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payment in due course

n. the giving of funds to the holder of a promissory note or bill of exchange when due, without any knowledge that the document had been acquired by fraud or that the holder did not have valid title. The true owner of the bill or note cannot also demand payment, but must look to the recipient of the funds.

See also: holder in due course 

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The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications

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