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 Section 36-3-302 on what constitutes a holder in due course.

HISTORY: 1962 Code Section 10.4-211; 1966 (54) 2716; 2008 Act No. 204, Section 3, eff July 1, 2008. Definitional Cross References: "Bank" Section 36-4-105(1) "Holder in Due Course" Section 36-3-302(a) "Item" Section 36-4-104(a)(9) "Security Interest" Section 36-1-201(37) [see now Section 36-1-203] "Value" Section 36-3-303(a)