duly negotiated

Commercial paper transferred from one person to another in such manner and form that the transferee becomes the holder thereof. Uniform Negotiable Instruments Act § 30. The negotiation of a negotiable document of title in the manner stated in the Uniform Commercial Code to a holder who purchases it in good faith without notice of any defense against or claim to it on the part of any person and for value, unless it is established that the negotiation is not in the regular course of business or financing, or that it involves receiving the document in settlement or payment of a money obligation. UCC § 7-501(4).

Ballentine's law dictionary. . 1998.

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