Okla. Stat. tit. 12A, § 12A-3-303
This is the official text of Okla. Stat. tit. 12A, § 12A-3-303, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Value and Consideration
Official statutory text
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.
(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.
Status: in_force · Read it on the official government site
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