{"data":{"id":"us-ky/krs-355.3-303","jurisdiction":"us-ky","citation":"KRS 355.3-303","heading":"Value and consideration.","body":"(1) An instrument is issued or transferred for value if:\n(a) The instrument is issued or transferred for a promise of performance, to the\nextent the promise has been performed;\n(b) The transferee acquires a security interest or other lien in the instrument oth er\nthan a lien obtained by judicial proceeding;\n(c) The instrument is issued or transferred as payment of, or as security for, an\nantecedent claim against any person, whether or not the claim is due;\n(d) The instrument is issued or transferred in exchange for a negotiable\ninstrument; or\n(e) The instrument is issued or transferred in exchange for the incurring of an\nirrevocable obligation to a third party by the person taking the instrument.\n(2) \"Consideration\" means any consideration sufficient to support a  simple contract.\nThe drawer or maker of an instrument has a defense if the instrument is issued\nwithout consideration. If an instrument is issued for a promise of performance, the\nissuer has a defense to the extent performance of the promise is due and the promise\nhas not been performed. If an instrument is issued for value as stated in subsection\n(1) of this section, the instrument is also issued for consideration.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33461","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:44Z","sha256":"55d2c83a07b9986d5edb1d9ee8392b25bcba6dc2ed2dec9dc73683c136a6ef46","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.3-302","next":"us-ky/krs-355.3-304"},"notice":"GroundRules: Original legal text. Not legal advice."}