Bills of Exchange Act · s 27

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s 27Value and holder for value

(1)

Valuable consideration for a bill may be constituted by —

(a)

any consideration sufficient to support a simple contract;

(b)

an antecedent debt or liability; and such a debt or liability is deemed valuable consideration 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 either 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.