Examlex
According to the text,the backbone of the U.S.correction procedure is:
Holder in Due Course
A legal term referring to a party that has acquired a negotiable instrument in good faith and for value, with certain protections against previous claims.
Good Faith
An implied promise to act honestly and not take unfair advantage in transactions.
Primarily Liable
Refers to the party or entity that bears the main responsibility in fulfilling an obligation or debt, without dependence on the failure of another party.
Personal Defenses
Legal defenses used in a lawsuit that are specific to the defendant, often relating to the contract's validity or terms.
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