In Which of the Following Situations Has the Holder of a Negotiable

Multiple Choice

In which of the following situations has the holder of a negotiable instrument not given value for it?

A) Where the holder takes the instrument as security for an antecedent claim.
B) Where the holder gives a negotiable instrument in return for the one received.
C) Where the holder receives the instrument as a gift.
D) Where the holder acquires a security interest in the instrument.