Value and consideration.

1. An instrument is issued or transferred for value if: a. the instrument is issued or transferred for a promise of performance, to the extent the promise has been performed; b. the transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceeding; c. 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; d. the instrument is issued or transferred in exchange for a negotiable instrument; or e. 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. 2. “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 1 , the instrument is also issued for consideration. 94 Acts, ch 1167, §38, 121, 122 Referred to in §554.3103 , 554.3302 , 554.5102 , 554.9403 , 554.14102