Document ID: chunk:federal_register_of_legislation:C2012C00128:section:32
Version: federal_register_of_legislation:C2012C00128
Segment Type: section
Provision Reference: s 32
Character Range: 23121–23841

32  Value and holder for value

 (1) Valuable consideration for a bill may be constituted by:
 (a) any consideration sufficient to support a simple contract; or
 (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 or she is deemed to be a holder for value to the extent of the sum for which he or she has a lien.