North Carolina General Statutes 25-4-209. When bank gives value for purposes of holder in due course
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Terms Used In North Carolina General Statutes 25-4-209
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See North Carolina General Statutes 25-4-104
For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of N.C. Gen. Stat. § 25-3-302 on what constitutes a holder in due course. (1899, c. 733, s. 27; Rev., s. 2175; C.S., s. 3007; 1965, c. 700, s. 1; 1995, c. 232, s. 2.)