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Part IIU.K. Bills of Exchange

The Consideration for a BillU.K.

27 Value and holder for value.U.K.

(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.