Definition from Nolo’s Plain-English Law Dictionary
Payment of funds to the holder of a promissory note or other negotiable instrument made without knowledge that the document had been acquired by fraud or that the holder did not have valid title. The true owner of the note cannot also demand payment, but must look to the recipient of the funds.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:21 pm