361. Rights of the holder
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The rights and powers of the holder of a bill are as follows—
(1) He may sue on the bill in his or her own name.
(2) Where he or she is a holder in due course, he or she holds the bill free from any defect of title of prior parties, as well as from mere personal defences available to prior parties among themselves, and may enforce payment against all parties liable on the bill.
(3) Where his or her title is defective, (a) if he or she negotiates the bill to a holder in due course, that holder obtains a good and complete title to the bill, and (b) if he or she obtains payment of the bill, the person who pays him or her in due course gets a valid discharge for the bill.