2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 33 - Enforcement of Instruments
Section 3303 - Value and consideration

     § 3303.  Value and consideration.
        (a)  Value.--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)  Definition of "consideration".--"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), the instrument is also issued for consideration.

        Cross References.  Section 3303 is referred to in sections
     3103, 3302, 5102, 9403 of this title.