holder passive
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 25 U.S. 554 - McLemore v. Powell · 1827Most cited · 32 citing opinions
as long as the holder is passive, all his remedies remain... he is not bound to active diligence. But if the holder enters into a valid contract for delay, he thereby suspends his own remedy on the bill for the stipulated period