Section 29 of the Bill of Exchange Act defines a holder in due course as a holder who has taken a bill.
• Which is complete and regular on the face of it;
• Before it was over due
• Without notice that the bill has previously been dishonoured if such was the fact:
• In good faith and for value
• Without notice, that the person who negotiated it to him had a defective title.
A holder for value on the other hand is any person who has provided, or who is deemed to have provided consideration on a bill of exchange.