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 and 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.