personal defense

An ordinary defense in a contract action — such as failure of consideration or nonperformance of a condition — that the maker or drawer of a negotiable instrument is precluded from raising against a person who has the rights of a holder in due course.

• A personal defense can be asserted only against a transferee who is not a holder in due course.

— Also termed limited defense.

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词条贡献者

资深译员Dan，毕业于美国顶尖的高级翻译学院，专注翻译各种与消费者集团诉讼有关的法律文件。