SMITH, Judge.
Plaintiff, David Godat, appeals the action of the trial court granting judgment notwithstanding the verdict in favor of defendant, Mercantile Bank of Northwest County (Mercantile). The jury had returned a verdict for plaintiff in the amount of $200,000. The trial court also conditionally granted defendant’s motion for new trial on the basis that the verdict was against the weight of the evidence. We affirm.
In this case we review the facts and the inferences to be drawn therefrom in the light most favorable to the verdict and the party who prevailed before the jury. Stark v. American Bakeries Co., 647 S.W.2d 119 (Mo. banc 1983) [1]. We set forth the facts within that framework.
Kevin Hasty was a stockbroker with whom Godat transacted business for many years. In the late 1970’s Godat invested approximately $70,000 with Hasty. Some of the investments made by Hasty were profitable but many purportedly made were fictitious. Hasty represented to Godat that the investments were profitable and in fact Godat received from Hasty payments of approximately $280,000. At trial Hasty testified that after early 1982 he no longer had any of Godat’s money; however he continued to represent to Godat that Godat’s investment balance was in excess of $500,000. Hasty furnished documents showing such investment balances and Godat may have paid taxes on the “profits” from these investments.
Early in 1985 Hasty discussed an invests ment opportunity with Godat. Godat agreed [3]*3that he would transfer $200,000 from his investment “account” with Hasty to this new investment. To accomplish this Hasty was to obtain a cashier’s check in that amount payable to Godat. On January 12, 1985, Hasty opened an account with Mercantile in the name of Colonial Investors. On January 25, he deposited into that account a check for $221,545 drawn on United Missouri Bank. Contrary to bank policy, the Mercantile teller did not place a hold order on the account. On January 29, Hasty purchased a $200,000 cashier’s check from Mercantile payable to Godat. Hasty paid for this cashier’s check with a check drawn to cash on the Colonial Investors Mercantile account.
The cashier’s check was delivered to Godat that morning. He endorsed it and gave it to a courier service for delivery to Mark Twain Bank. Later that morning United Missouri Bank informed Mercantile it was dishonoring the cheek Hasty had deposited in the Colonial Investors Mercantile account. Mercantile contacted Godat by phone to advise him that Hasty had insufficient funds to cover his purchase of the cashier’s check. Godat called Hasty, who then confessed his misdeeds in an effort to obtain the cashier’s check back. Mercantile, which had learned that the check was to be deposited at Mark Twain Bank, notified Mark Twain of its intent to dishonor the cashier’s cheek.
Godat brought this action against Mercantile to recover the face amount of the dishonored cashier’s check. The jury returned a verdict in favor of Godat for $200,000. The trial court granted Mercantile’s motion for judgment notwithstanding the verdict on the basis that Godat was not a holder in due course because he had not given value for the check, and was therefore subject to any viable defenses of Mercantile. Those, of course, included fraud and theft by Hasty in obtaining the check through his check kiting actions. The trial court alternatively granted Mercantile a new trial because the verdict was against the weight of the evidence.
Godat appealed. His sole point relied on was that the trial court erred in granting defendant’s motion for judgment notwithstanding the verdict. No challenge was made to the court’s conditional grant of Mercantile’s motion for new trial. Division III of this court reversed the grant of judgment notwithstanding the verdict holding that plaintiff was a holder in due course. It also, sua sponte, reversed the grant of the motion for new trial on the basis that plaintiff was entitled to a directed verdict as a matter of law. Mercantile’s motion for rehearing en banc was granted.
Commercial paper is a critical aspect of the operation of the capitalistic economy in this and other nations. The utilization, issuance, honoring and dishonoring of such documents is the means by which commerce is transacted. Rules concerning commercial paper, uniformly accepted and uniformly applied, have been in place going back to the law merchant of England from which many of our present rules found their origin. Following the previously codified Uniform Sales Act and Uniform Negotiable Instruments Law, the states of this country adopted the Uniform Commercial Code to regulate and codify the use of commercial paper as well as other aspects of commercial enterprise. Missouri has adopted that Code. The transaction here involved occurred in 1985. In 1992 the Uniform Commercial Code was substantially amended in Missouri. We must in this case apply the law as it existed in 1985, although it does not appear that the result would be altered by application of the present Code. Statutory references are to the Code as it existed in 1985.
Much of Godat’s argument before us, consistent with his trial position, is premised upon the proposition that cashier’s cheeks differ from other negotiable instruments and that protection of their use in commerce requires that they be impervious to dishonor. Some discussion is therefore warranted of the nature and legal status of cashier’s checks. A cashier’s check unlike an ordinary check is a cheek drawn by a bank on itself. The bank is both drawer and drawee. Acceptance of a draft (which includes checks) is the drawee’s signed engagement to honor the draft as presented. Sec. 400.3-410. A cashier’s check is accepted by the issuing bank by the mere act of its issuance. State ex rel. Chan Siew Lai v. Powell, 536 S.W.2d 14 (Mo. banc 1976) [1]. In Chan Siew Lai the court [4]*4dealt with a situation in which the remitter requested that the bank dishonor its cashier’s check because of fraud practiced upon the remitter. The court held that because issuance of the check was acceptance by the issuing bank the provisions of See. 400.4-308, dealing with stop-orders, came into play and the bank could not after issuance stop payment. The court stated: “The nature and usage of cashier’s checks in the commercial world is such that public policy does not favor a rule that would permit stopping payment of them.” [2].
In Environmental Quality Research, Inc. v. The Boatmen’s National Bank of St. Louis, 775 S.W.2d 199 (Mo.App.1989) this court was faced with a case in which an action was brought by a cashier’s check holder against the bank issuing the check for dishonoring it and his own bank for debiting his account after the check was dishonored. The plaintiff subsequently dismissed his action against the issuing bank. Our court was confronted with the issue of whether, in view of the ruling in Chan Siew Lai, supra, an issuing bank could dishonor its own cashier’s check. In a scholarly opinion by Judge Simon this court concluded that under very limited circumstances a bank could do so. The court distinguished Chan Siew Lai
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SMITH, Judge.
Plaintiff, David Godat, appeals the action of the trial court granting judgment notwithstanding the verdict in favor of defendant, Mercantile Bank of Northwest County (Mercantile). The jury had returned a verdict for plaintiff in the amount of $200,000. The trial court also conditionally granted defendant’s motion for new trial on the basis that the verdict was against the weight of the evidence. We affirm.
In this case we review the facts and the inferences to be drawn therefrom in the light most favorable to the verdict and the party who prevailed before the jury. Stark v. American Bakeries Co., 647 S.W.2d 119 (Mo. banc 1983) [1]. We set forth the facts within that framework.
Kevin Hasty was a stockbroker with whom Godat transacted business for many years. In the late 1970’s Godat invested approximately $70,000 with Hasty. Some of the investments made by Hasty were profitable but many purportedly made were fictitious. Hasty represented to Godat that the investments were profitable and in fact Godat received from Hasty payments of approximately $280,000. At trial Hasty testified that after early 1982 he no longer had any of Godat’s money; however he continued to represent to Godat that Godat’s investment balance was in excess of $500,000. Hasty furnished documents showing such investment balances and Godat may have paid taxes on the “profits” from these investments.
Early in 1985 Hasty discussed an invests ment opportunity with Godat. Godat agreed [3]*3that he would transfer $200,000 from his investment “account” with Hasty to this new investment. To accomplish this Hasty was to obtain a cashier’s check in that amount payable to Godat. On January 12, 1985, Hasty opened an account with Mercantile in the name of Colonial Investors. On January 25, he deposited into that account a check for $221,545 drawn on United Missouri Bank. Contrary to bank policy, the Mercantile teller did not place a hold order on the account. On January 29, Hasty purchased a $200,000 cashier’s check from Mercantile payable to Godat. Hasty paid for this cashier’s check with a check drawn to cash on the Colonial Investors Mercantile account.
The cashier’s check was delivered to Godat that morning. He endorsed it and gave it to a courier service for delivery to Mark Twain Bank. Later that morning United Missouri Bank informed Mercantile it was dishonoring the cheek Hasty had deposited in the Colonial Investors Mercantile account. Mercantile contacted Godat by phone to advise him that Hasty had insufficient funds to cover his purchase of the cashier’s check. Godat called Hasty, who then confessed his misdeeds in an effort to obtain the cashier’s check back. Mercantile, which had learned that the check was to be deposited at Mark Twain Bank, notified Mark Twain of its intent to dishonor the cashier’s cheek.
Godat brought this action against Mercantile to recover the face amount of the dishonored cashier’s check. The jury returned a verdict in favor of Godat for $200,000. The trial court granted Mercantile’s motion for judgment notwithstanding the verdict on the basis that Godat was not a holder in due course because he had not given value for the check, and was therefore subject to any viable defenses of Mercantile. Those, of course, included fraud and theft by Hasty in obtaining the check through his check kiting actions. The trial court alternatively granted Mercantile a new trial because the verdict was against the weight of the evidence.
Godat appealed. His sole point relied on was that the trial court erred in granting defendant’s motion for judgment notwithstanding the verdict. No challenge was made to the court’s conditional grant of Mercantile’s motion for new trial. Division III of this court reversed the grant of judgment notwithstanding the verdict holding that plaintiff was a holder in due course. It also, sua sponte, reversed the grant of the motion for new trial on the basis that plaintiff was entitled to a directed verdict as a matter of law. Mercantile’s motion for rehearing en banc was granted.
Commercial paper is a critical aspect of the operation of the capitalistic economy in this and other nations. The utilization, issuance, honoring and dishonoring of such documents is the means by which commerce is transacted. Rules concerning commercial paper, uniformly accepted and uniformly applied, have been in place going back to the law merchant of England from which many of our present rules found their origin. Following the previously codified Uniform Sales Act and Uniform Negotiable Instruments Law, the states of this country adopted the Uniform Commercial Code to regulate and codify the use of commercial paper as well as other aspects of commercial enterprise. Missouri has adopted that Code. The transaction here involved occurred in 1985. In 1992 the Uniform Commercial Code was substantially amended in Missouri. We must in this case apply the law as it existed in 1985, although it does not appear that the result would be altered by application of the present Code. Statutory references are to the Code as it existed in 1985.
Much of Godat’s argument before us, consistent with his trial position, is premised upon the proposition that cashier’s cheeks differ from other negotiable instruments and that protection of their use in commerce requires that they be impervious to dishonor. Some discussion is therefore warranted of the nature and legal status of cashier’s checks. A cashier’s check unlike an ordinary check is a cheek drawn by a bank on itself. The bank is both drawer and drawee. Acceptance of a draft (which includes checks) is the drawee’s signed engagement to honor the draft as presented. Sec. 400.3-410. A cashier’s check is accepted by the issuing bank by the mere act of its issuance. State ex rel. Chan Siew Lai v. Powell, 536 S.W.2d 14 (Mo. banc 1976) [1]. In Chan Siew Lai the court [4]*4dealt with a situation in which the remitter requested that the bank dishonor its cashier’s check because of fraud practiced upon the remitter. The court held that because issuance of the check was acceptance by the issuing bank the provisions of See. 400.4-308, dealing with stop-orders, came into play and the bank could not after issuance stop payment. The court stated: “The nature and usage of cashier’s checks in the commercial world is such that public policy does not favor a rule that would permit stopping payment of them.” [2].
In Environmental Quality Research, Inc. v. The Boatmen’s National Bank of St. Louis, 775 S.W.2d 199 (Mo.App.1989) this court was faced with a case in which an action was brought by a cashier’s check holder against the bank issuing the check for dishonoring it and his own bank for debiting his account after the check was dishonored. The plaintiff subsequently dismissed his action against the issuing bank. Our court was confronted with the issue of whether, in view of the ruling in Chan Siew Lai, supra, an issuing bank could dishonor its own cashier’s check. In a scholarly opinion by Judge Simon this court concluded that under very limited circumstances a bank could do so. The court distinguished Chan Siew Lai on the basis that when a bank issues a cashier’s cheek the cheek becomes the primary obligation of the bank and the purchaser has no authority to countermand a cashier’s check because of fraud allegedly practiced on the purchaser by the payee. Sec. 400.4-303 becomes applicable in that circumstance. We held, however, that statutory provision is for the purpose of settling the relative priorities of conflicting claims to a customer’s account and not for the purpose of cutting off a bank’s right to assert its own defenses against an instrument issued by it. The section prohibits the purchaser of the cashier’s check from stopping payment on it because it is not the purchaser’s cheek; it does not preclude the bank from dishonoring its own check. In making such holding we relied heavily upon Farmers and Merchants State Bank v. Western Bank, 841 F.2d 1433 (9th Cir.1987). In Environmental Quality Research we also quoted and adopted the following language from Rezapolvi v. First National Bank of Maryland, 296 Md. 1, 459 A.2d 183 (1983) [6]:
“Despite the language in some opinions suggesting that a bank may never dishonor its cashier’s check, courts have recognized that a bank may do so under very limited conditions. These are where the holder has dealt with the bank in connection with the transaction or is not a holder in due course, and where the cashier’s check was obtained by fraud upon the bank or under certain circumstances, where there was no consideration given to the bank for the instrument.” (Emphasis supplied).
We held that the action of plaintiffs bank in surcharging plaintiffs account for the amount of the dishonored cashier’s check did not give rise to a cause of action against that bank. It is clear from Environmental Quality Research that in Missouri a bank may under limited conditions dishonor its cashier’s check.1
There can be no question that the cashier’s check was obtained by the fraud of Hasty. We then turn to whether the defendant may assert that defense against Godat. Sec. 400.3-306 provides that “Unless he has the rights of a holder in due course any person takes the instrument subject to ... (b) all defenses of any party which would be available in an action on a simple contract; ...” See. 400.3-305 provides that “To the extent that a holder is a holder in due course he takes the instrument free from ... (2) all defenses of any party to the instrument with whom the holder has not dealt except [a group of special defenses none of which are applicable here].” These two sections make clear that if plaintiff is a holder in due course [5]*5he takes the instrument free from the defenses of fraud or stealing, and as to him the bank may not dishonor the instrument.2
Sec. 400.3-302 defines “holder in due course” as “a holder who takes the instrument (a) for value; and (b) in good faith; and (c) without notice that it is overdue or has been dishonored or of any defense against or claim to it on the part of any person.” (Emphasis supplied) The conjunctive “ands” make it clear that the person claiming holder in due course status must meet all three tests. Sec. 400.3-303 addresses the issue of “for value”. It provides:
“A holder takes the instrument for value (a) to the extent that the agreed consideration has been performed or that he acquires a security interest in or a hen on the instrument otherwise than by legal process; or
(b) when he takes the instrument in payment of or as security for an antecedent claim against any person whether or not the claim is due; or
(c) when he gives a negotiable instrument for it or makes an irrevocable commitment to a third person.”
Plaintiff makes no contention that either (a) or (c) is applicable to his situation. His contention on appeal is that because he believed at the time that he received the check that Hasty owed him money he gave value for the check under (b). We disagree, for such a conclusion eliminates the value requirement by merging it into the good faith requirement. The burden of proof to establish that a person is a holder in due course is upon the person claiming the rights of a holder in due course. Sec. 400.3-307. While there is evidence from which a jury might have concluded that Godat did not take the instrument in good faith our review requires us to treat that element of plaintiffs proof as established.
At trial the plaintiff tried the case on the theory that Mercantile was under the law not allowed to dishonor the cashier’s check under any circumstances. As previously stated, that is not the law in this state. During opening statement plaintiffs attorney made the following admissions:
“There was a payment of ten thousand dollars in December of 1984. Understand, David doesn’t know at this point that Kevin Hasty has none of this money. In fact, he hasn’t had any of David’s money probably for years, and again the question why Hasty’s doing this is up in the air.”
“It is a bank check, and the evidence will be, ladies and gentlemen, that unless David Godat knew or should have known that this cashier’s check was being issued under false pretenses, that even though, and this is the hard part, that even though he technically is not entitled to the money because his brokerage account was basically at a zero balance, unbeknownst to him, as a matter of public policy and because it’s the foundation of the banking system, Mercantile Bank should nonetheless be required to honor this check.”
“In the end, ladies and gentlemen, and by way of conclusion, this is perhaps the most difficult case for me I’ve tried because I’m honestly asking you to give somebody something for nothing, in essence, on the basis of an overriding principle, ...”
Plaintiffs testimony included the following admissions made during cross-examination:
[6]*6“Q. And in fact, as of January 1,1985 Mr. Hasty owed you no money?
A. No, I don’t know that.
Q. You don’t know that?
A. As of January 1 and the check was issued January 29.
Q. Yes?
A On January 1 I thought he owed me the money.
Q. I’m not asking you what you believed then. I’m asking you to tell the jury what we know now?
A. We know that now.
Q. All of us know, in truth and in fact, Mr. Hasty owed you no money at the time the cashier’s check was issued?
A. That’s correct.
Q. And you would agree, would you not, that as of January 29,1985, Colonial Investors owed you no money?
A. That’s correct.
Q. And you would agree that none of the brokerage houses with which Mr. Hasty had been associated through years owed you money as of January 29, 1985?
A. That’s correct.”
“Q. Did you or did you not know what we know today did you on (sic) or did you not give anything of value for the two hundred thousand dollar cashier’s check?
A. It’s a loaded question. I invested seventy thousand dollars with him originally and he turned that around to a lot of money. Yes, I think I did.
Q. You’re telling this jury as of January 29, 1985, Mr. Hasty owed you money?
A. I believe that. Yes, I do.
Q. You believe that today?
A Not today I don’t, but then I did.
Q. I’m talking about today sir December, 1992. Are you testifying, are you telling this jury that as of the day that the cashier’s check was issued Mr. Hasty owed you any money at all?
A. After the date the check was issued?
Q. What you know today.
A No, not now.
Q. He didn’t?
A Right.
Q. Would you agree, sir, knowing what you know today, that you gave nothing of value for the cashier’s check?
A. That’s correct.”
In Blue Cross Health Service, Inc. v. Sauer, 800 S.W.2d 72 (Mo.App.1990) [21] we stated that “One can only take ‘for value’ by giving in return something ‘of value’ to the one from whom the instrument is taken.” “Good faith” is in large part a subjective test but “for value” is objective. Plaintiffs position essentially eliminates the objective “for value” requirement by substituting therefore a subjective belief that value is being given. The premise of the “holder in due course” doctrine is to protect those persons who part with something of value in reliance on the negotiability of a check or other instrument. Persons who give up nothing of value do not ■ need the protection of the doctrine because they put nothing at risk and give up nothing. That is plaintiffs situation here. He gave nothing of value for the cashier’s check, he was not a holder in due course, and the bank may assert any defenses it has, including fraud and theft, which were undisputed.
Plaintiff also contends that Mercantile was negligent in issuing the cashier’s check and should therefore bear the loss. What loss is not identified. Conceding that the bank was negligent in failing to follow its own procedures that does not entitle plaintiff to a $200,000 windfall. Negligence is not a defense to unjust enrichment where the person receiving the unjust enrichment is not legally harmed by the negligence. Blue Cross Health Services, Inc. v. Sauer, supra, [5-7]. The issuance of the check in no way injured or damaged plaintiff.
Judgment affirmed.
CARL R. GAERTNER, GRIMM, CRANE, AHRENS, and CRAHAN, JJ., concur.
REINHARD, J., concurs in result of opinion of SMITH, J.
KAROHL, J., dissents with opinion.
[7]*7GARY M. GAERTNER, C.J., and PUDLOWSKI, SIMON and CRANDALL, JJ., dissent and concur in opinion of KAROHL, J.
CRIST, J., not participating.