Section 27 Value 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. 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.