New York Uniform Commercial Code Law Section 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.

Last modified: February 3, 2019