For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of 12A:3-302 on what constitutes a holder in due course.
N.J. Stat. Ann. § 12A:4-211
When bank gives value for purposes of holder in due course
Known as the Uniform Commercial Code
The act spans §§ 12A:1-101 to 12A:9-809 (506 sections).
L.1995,c.28,s.2.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.