Section 26: Value and holder for value
consolidated text (as at 2011, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
26. Value and holder for value
(1) Valuable consideration for a bill may be constituted by—
(a) any consideration sufficient to support a contract;
(b) an antecedent debt or liability, whether the bill is payable on
demand or at a future time.
(2) Where value has at any time been given for a bill, the holder is
deemed to be a holder for value as regards the acceptor and all parties to the
bill who became parties prior to such time.
(3) Where the holder of a bill has a lien on it, arising from contract or by
implication of law, he is deemed to be a holder for value to the extent of the
sum for which he has a lien.