Bills of Exchange Ordinance

(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.
[cf. 1882 c. 61 s. 27 U.K.]