This podcast discusses the real defenses that can be asserted by an obligor against a holder in due course seeking payment on an instrument. As holder in due course doctrine arises under Article 3 of the Uniform Commercial Code, this topic deals with instruments, typically paper checks and promissory notes. Importantly, holders in due course doctrine, especially its benefits and limitations, are tested by a number of states on the bar examination. This podcast primarily addresses defenses set forth in § 3-305, which you should read carefully. At the conclusion of this podcast, you should be able to (1) describe the benefits of being a holder in due course; (2) describe the real defenses that are assertable against a holder in due course; and (3) distinguish between void and voidable defenses and between real fraud and fraud in the inducement.