There is a newer version
of
the New York Laws
2017 New York Laws
UCC - Uniform Commercial Code
Article 3 - Commercial Paper
Part 3 - Rights of a Holder
3-303 - Taking for Value.
Universal Citation: NY UCC § 3-303 (2017)
Section 3--303. Taking for Value.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.
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