§12A-3-303.

§12A-3-303.
   
                          VALUE AND CONSIDERATION
                                      
   (a) An instrument is issued or transferred for value if:
   
   (1) the instrument is issued or transferred for a promise of
   performance, to the extent the promise has been performed;
   
   (2) the transferee acquires a security interest or other lien in the
   instrument other than a lien obtained by judicial proceeding;
   
   (3) the instrument is issued or transferred as payment of, or as
   security for, an antecedent claim against any person, whether or not
   the claim is due;
   
   (4) the instrument is issued or transferred in exchange for a
   negotiable instrument; or
   
   (5) the instrument is issued or transferred in exchange for the
   incurring of an irrevocable obligation to a third party by the person
   taking the instrument.
   
   (b) "Consideration" means any consideration sufficient to support a
   simple contract. The drawer or maker of an instrument has a defense if
   the instrument is issued without consideration. If an instrument is
   issued for a promise of performance, the issuer has a defense to the
   extent performance of the promise is due and the promise has not been
   performed. If an instrument is issued for value as stated in
   subsection (a) of this section, the instrument is also issued for
   consideration.