diff --git a/CHANGELOG.md b/CHANGELOG.md
index 625253e..6a25dd0 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,6 +7,12 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+### Added
+
+- Unit tests for `token::holding::Holding`, which had none. They cover the
+  four parsed fields, the six error messages and the lock check, including a
+  null lock.
+
 ## [0.7.0] - 2026-09-09
 
 ### Added
diff --git a/crates/token/src/holding.rs b/crates/token/src/holding.rs
index 9a5af7b..73c0a58 100644
--- a/crates/token/src/holding.rs
+++ b/crates/token/src/holding.rs
@@ -66,3 +66,155 @@ impl Holding {
             .is_some_and(|lock| !lock.is_null())
     }
 }
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use canton_api_client::models::CreatedEvent;
+    use serde_json::json;
+
+    /// An active contract carrying a concrete utility-registry Holding
+    /// payload. `Holding` reads `createArgument`, not an interface view.
+    fn contract(argument: Option<serde_json::Value>) -> JsActiveContract {
+        JsActiveContract {
+            created_event: Box::new(CreatedEvent {
+                contract_id: "00cid".to_string(),
+                create_argument: argument,
+                ..Default::default()
+            }),
+            ..Default::default()
+        }
+    }
+
+    fn payload() -> serde_json::Value {
+        json!({
+            "amount": "1.25",
+            "instrument": { "admin": "admin::1220ef", "id": "CBTC" },
+            "owner": "alice::1220ab",
+        })
+    }
+
+    #[test]
+    fn parses_every_field_of_a_holding() {
+        let holding = Holding::from_active_contract(&contract(Some(payload())))
+            .expect("the fixture is a valid holding");
+
+        assert_eq!(holding.contract_id, "00cid");
+        assert_eq!(holding.amount, DamlDecimal::parse("1.25").unwrap());
+        assert_eq!(holding.instrument_id, "CBTC");
+        assert_eq!(holding.owner, "alice::1220ab");
+    }
+
+    #[test]
+    fn reads_the_id_out_of_the_instrument_object() {
+        let mut argument = payload();
+        argument["instrument"]["id"] = json!("OTHER");
+
+        let holding = Holding::from_active_contract(&contract(Some(argument))).unwrap();
+
+        assert_eq!(holding.instrument_id, "OTHER");
+    }
+
+    #[test]
+    fn rejects_a_contract_with_no_create_argument() {
+        let error = Holding::from_active_contract(&contract(None)).unwrap_err();
+
+        assert_eq!(error, "createArgument is not an object");
+    }
+
+    #[test]
+    fn rejects_a_create_argument_that_is_not_an_object() {
+        let error = Holding::from_active_contract(&contract(Some(json!("a string")))).unwrap_err();
+
+        assert_eq!(error, "createArgument is not an object");
+    }
+
+    #[test]
+    fn rejects_a_holding_with_no_amount() {
+        let mut argument = payload();
+        argument.as_object_mut().unwrap().remove("amount");
+
+        let error = Holding::from_active_contract(&contract(Some(argument))).unwrap_err();
+
+        assert_eq!(error, "Missing 'amount' field");
+    }
+
+    #[test]
+    fn rejects_an_amount_that_is_not_a_decimal() {
+        let mut argument = payload();
+        argument["amount"] = json!("not a number");
+
+        let error = Holding::from_active_contract(&contract(Some(argument))).unwrap_err();
+
+        // The detail comes from the decimal parser, so derive it rather than
+        // pinning wording this crate does not own.
+        let detail = DamlDecimal::parse("not a number").unwrap_err();
+        assert_eq!(error, format!("Invalid 'amount' field: {detail}"));
+    }
+
+    #[test]
+    fn rejects_an_amount_that_is_a_json_number() {
+        let mut argument = payload();
+        argument["amount"] = json!(1.25);
+
+        let error = Holding::from_active_contract(&contract(Some(argument))).unwrap_err();
+
+        assert_eq!(error, "Missing 'amount' field");
+    }
+
+    #[test]
+    fn rejects_a_holding_with_no_instrument() {
+        let mut argument = payload();
+        argument.as_object_mut().unwrap().remove("instrument");
+
+        let error = Holding::from_active_contract(&contract(Some(argument))).unwrap_err();
+
+        assert_eq!(error, "Missing 'instrument' field");
+    }
+
+    #[test]
+    fn rejects_an_instrument_with_no_id() {
+        let mut argument = payload();
+        argument["instrument"].as_object_mut().unwrap().remove("id");
+
+        let error = Holding::from_active_contract(&contract(Some(argument))).unwrap_err();
+
+        assert_eq!(error, "Missing 'instrument.id' field");
+    }
+
+    #[test]
+    fn rejects_a_holding_with_no_owner() {
+        let mut argument = payload();
+        argument.as_object_mut().unwrap().remove("owner");
+
+        let error = Holding::from_active_contract(&contract(Some(argument))).unwrap_err();
+
+        assert_eq!(error, "Missing 'owner' field");
+    }
+
+    #[test]
+    fn a_holding_with_a_lock_is_locked() {
+        let mut argument = payload();
+        argument["lock"] = json!({ "holders": ["alice::1220ab"] });
+
+        assert!(Holding::is_locked_in_contract(&contract(Some(argument))));
+    }
+
+    #[test]
+    fn a_holding_with_a_null_lock_is_not_locked() {
+        let mut argument = payload();
+        argument["lock"] = json!(null);
+
+        assert!(!Holding::is_locked_in_contract(&contract(Some(argument))));
+    }
+
+    #[test]
+    fn a_holding_with_no_lock_field_is_not_locked() {
+        assert!(!Holding::is_locked_in_contract(&contract(Some(payload()))));
+    }
+
+    #[test]
+    fn a_contract_with_no_create_argument_is_not_locked() {
+        assert!(!Holding::is_locked_in_contract(&contract(None)));
+    }
+}