N.Y. Uniform Commercial Code Law § 4-209: When Bank Gives Value for Purposes of Holder in Due Course

Section 4--209. When Bank Gives Value for Purposes of Holder in Due

Course.

For purposes of determining its status as a holder in due course, the

bank has given value to the extent that it has a security interest in an

item provided that the bank otherwise complies with the requirements of

Section 3--302 on what constitutes a holder in due course.