N.Y. Uniform Commercial Code Law § 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.