N.Y. Uniform Commercial Code Law Section 3-303
Taking for Value

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.

Source: Section 3-303 — Taking for Value, https://www.­nysenate.­gov/legislation/laws/UCC/3-303 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 3-303’s source at nysenate​.gov

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