Sec.  26.  What  constitutes  holder  for  value.  -  Where  value  has  at any  time  been  given  for  the  instrument,  the  holder  is  deemed  a holder for value in respect to all parties who become such prior to
that time.
 

MEANING OF A HOLDER FOR VALUE

•      One who gives valuable consideration for an instrument issued or negotiated to him is a holder for value

•      Not  limited  to  one   who  is  known  to  have  given  valuable consideration for the instrument he holds—it refers to any holder of an instrument for which value has been given at any time