Petitioner became the holder of the cashier’s check as endorsed by Alexander Lim who stole the check. He refused to say how and why it was passed to him.
Whether or not petitioner is a holder in due course.
NO. Petitioner failed to substantiate his claim that he is a holder in due course and for consideration or value as shown by the established facts of the case. He had therefore notice of the defect of his title over the check from the start. The holder of a cashier’s check who is not a holder in due course cannot enforce such check against the issuing bank which dishonors the same.