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Holder or Other Holder in Due Course
The holder of a bill of exchange who that does not come within the statutory definition of such a holder in due course holds that the bill subject to prior equities and such his title may be upset the title of prior holder was defective so; whereas he does have remedies against intervening parties also, although the general rule of like "nemo dat quod not habet" such applies there.
The bill has been endorsed through a holder in due course after such the defect of title arose, like any person holding the bill thereafter will not be affected through the defect and that will enjoy a perfect title to the bill also.
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