N.Y. Uniform Commercial Code 3-303 – Taking for Value
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Section 3–303. Taking for Value.
Terms Used In N.Y. Uniform Commercial Code 3-303
- Instrument: means a negotiable instrument. See N.Y. Uniform Commercial Code 3-102
- Lien: A claim against real or personal property in satisfaction of a debt.
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 lien 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.