A more thorough explanation:

A holder is someone who has legally received possession of property. This can include things like promissory notes, checks, bonds, or other types of paper. Essentially, if someone is holding onto something that belongs to someone else, they are considered a holder.

For example, if you borrow money from a friend and they give you a promissory note outlining the terms of the loan, you become the holder of that note. You are legally entitled to hold onto it until the loan is repaid. Similarly, if you receive a check from your employer, you become the holder of that check until you deposit it into your bank account.

These examples illustrate the definition of a holder because in both cases, someone has received possession of a piece of property (the promissory note or the check) and is legally entitled to hold onto it until certain conditions are met (repayment of the loan or depositing the check).