A "holder" may transfer the instrument,negotiate it,enforce payment of it subject to valid claims and defenses,and with some exceptions discharge it.

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A holder has the legal right to transfer, negotiate, and enforce payment of an instrument, subject to any valid claims or defenses. However, there may be some limitations or exceptions to these rights, such as when the instrument has been dishonored or when there are unresolved disputes regarding its ownership or validity. Additionally, a holder may have the option to discharge the instrument in certain circumstances, such as when it has been fully paid or when there is a valid legal justification for doing so.

A "Holder" May Transfer the Instrument,negotiate It,enforce Payment of It