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holder for value: a holder to whom an instrument is issued or transferred in exchange for something of value (as a promise of performance, a security interest or lien in the instrument not obtained by judicial process, payment of or use of the instrument as security for a claim against another person, a negotiable instrument, or the incurring of an irrevocable obligation to a third party)
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.