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n. a general term for anyone in possession of property, but usually referring to anyone holding a promissory note, check, bond or other paper, either handed to the holder (delivery) or signed over by endorsement, for which he/she/it is entitled to receive payment as stated in the document.

See also: bill of exchange  bona fide purchaser  check  endorsement  holder in due course  promissory note 

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