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BILLS OF EXCHANGE ACT 1882 - SECT 27 



27.(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. 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.

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© 1882 Crown Copyright

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