Bills of Exchange Act 1949 · 2020 Revised Edition · Part 2 · Bills of Exchange
27. Value and holder for value
Feedback & supportValuable consideration for a bill may be constituted by —
any consideration sufficient to support a simple contract;
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.
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.
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.
holder
“holder” means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof;