What Does a Ticket Taker Do?

The legal holder refers to the person who holds the bill according to law. According to the provisions of Article 16 of the Uniform Bill Law, if a bill of exchange is obtained by endorsement and the endorsement is continuous, the person who obtained the bill of exchange is the legal holder.

Legal holder

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The legal holder refers to the person who holds the bill according to law. According to the provisions of Article 16 of the Uniform Bill Law, if a bill of exchange is obtained by endorsement and the endorsement is continuous, the person who obtained the bill of exchange is the legal holder.

In the narrow sense, a legal bearer mainly refers to a person who possesses a bill through a legal bill act, and is the holder of the bill. In the broad sense, a legitimate bearer refers to a person who obtains and holds a bill through a legal act of bills or ordinary civil acts, such as a holder who obtains a bill through means such as issuance, good faith acquisition, gift, inheritance, or company merger.

Articles 10 and 12 of China's negotiable instruments law stipulate that legal holders of China's negotiable instruments law shall have three conditions: ^[1]

First, the consideration must be paid when obtaining the notes. The consideration for payment does not necessarily have to be equal to the value of the bill amount, and can be paid in various forms, such as physical goods, labor services, and intellectual achievements. If the bearer does not pay the consideration when obtaining the bill, the rights will be restricted by the previous hand, and he shall not enjoy the right superior to his previous hand, and he cannot become a legitimate holder

Secondly, there should be good faith in obtaining the bills subjectively. The good faith here refers to the subjective mental state of the bearer when he or she obtains the bill. Corresponds to the malicious intention of knowing the flaws of the bills when acquiring the bills, and the gross negligence of neglecting the flaws without knowing the flaws.

Third, the acquisition of notes should follow the principle of good faith and have a true transaction relationship and debt and debt relations.