Which of the following is not a requirement to be a holder in due course of a negotiable instrument?

To be considered a holder in due course of a negotiable instrument, certain requirements must be met, and one of those is that the instrument must be taken for value, in good faith, and must be negotiable.

The condition stating that the instrument must have been taken directly from the maker of the note is not a requirement. A holder in due course can acquire the instrument through various means of transfer, including endorsement or assignment, from parties other than the original maker. Thus, the transaction does not have to originate directly from the maker of the note; it can come from a prior holder as long as the other criteria are satisfied. This characteristic allows for the smooth transfer of negotiable instruments within commerce.

The other requirements—being negotiable, being taken for value, and being taken in good faith—are essential because they protect the holder in due course by ensuring that they have legitimate ownership rights and are shielded from certain defenses that could be raised by prior parties to the instrument.