N.Y. U.C.C. 3-303

Section 3--303. Taking for Value.\n A holder takes the instrument for value\n (a) to the extent that the agreed consideration has been performed or\nthat he acquires a security interest in or a lien on the instrument\notherwise than by legal process; or\n (b) when he takes the instrument in payment of or as security for an\nantecedent claim against any person whether or not the claim is due; or\n (c) when he gives a negotiable instrument for it or makes an\nirrevocable commitment to a third person.\n