{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-3-303","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-3-303","heading":"Value and Consideration","body":"VALUE AND CONSIDERATION\n\n(a) An instrument is issued or transferred for value if:\n\n(1) the instrument is issued or transferred for a promise\n\nof performance, to the extent the promise has been\n\nperformed;\n\n(2) the transferee acquires a security interest or other\n\nlien in the instrument other than a lien obtained by\n\njudicial proceeding;\n\n(3) the instrument is issued or transferred as payment of,\n\nor as security for, an antecedent claim against any\n\nperson, whether or not the claim is due;\n\n(4) the instrument is issued or transferred in exchange\n\nfor a negotiable instrument; or\n\n(5) the instrument is issued or transferred in exchange\n\nfor the incurring of an irrevocable obligation to a\n\nthird party by the person taking the instrument.\n\n(b) \"Consideration\" means any consideration sufficient to\n\nsupport a simple contract. The drawer or maker of an instrument has\n\na defense if the instrument is issued without consideration. If an\n\ninstrument is issued for a promise of performance, the issuer has a\n\ndefense to the extent performance of the promise is due and the\n\npromise has not been performed. If an instrument is issued for\n\nvalue as stated in subsection (a) of this section, the instrument is\n\nalso issued for consideration.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"14c32f227093a7a61c9bf7b1213fc899bfe6287adca7f5f5c058967374017bb0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-3-302","next":"us-ok/okla.-stat.-tit.-12a-12a-3-304"},"notice":"GroundRules: Original legal text. Not legal advice."}