Maine Family Federal Credit Union v. Sun Life Assurance Co.

[¶ 1] We are called upon here to address the concept of “holder in due course” as defined by recent amendments to the negotiable instruments provisions of the Maine Uniform Commercial Code. We conclude that, pursuant to those amendments, the Superior Court (Cumberland County, Calkins, J.) did not err when it entered a judgment based on the jury’s finding that the Maine Family Federal Credit Union was not a holder in due course. Because we find, however, that Sun Life Assurance Company was not entitled to raise a third party’s defense of fraud to its Lability as drawer of the instruments, we…