Taking for Value

A holder takes the instrument for value

(a)To the extent that the agreed consideration has been performed or that he acquires a security interest in or a lien on the instrument otherwise than by legal process; or

(b)When he takes the instrument in payment of or as security for an antecedent claim against any person whether or not the claim is due; or

(c)When he gives a negotiable instrument for it or makes an irrevocable commitment to a third person.