30 BILLS OF EXCHANGE AND PROMISSORY NOTES. [ART. 13

whose signature appears thereon to have become a party thereto
for value.

44. Value is any consideration sufficient to support a simple
contract. An antecedent or pre-existing debt constitutes value;
and it is deemed such whether the instrument is payable on

demand or at a future time.

45. Where value has at any time been given for the instru-
ment, the holder is deemed a holder for value in respect to all
parties who became such prior to that time.

46. Where the holder has a lien on the instrument, arising
either from contract or by implication of law, he is deemed a.
bolder for value to the extent of his lien.

47. Absence or failure of consideration is matter of defense
as against any person not a holder in due course; and partial
failure of consideration is a defense pro tanto, whether the fail-
ure is an ascertained and liquidated amount or otherwise.

48. An accommodation party is one who has signed the instru-
ment as maker, drawer, acceptor or indorser, without receiving
value therefor, and for the purpose of lending his name to some
other person. Such a person is liable on the instrument to a
holder for value, notwithstanding such holder at the time of

taking the instrument knew him to be only an accommodation
party.

CHAPTER IV—Negotiation.

49. An instrument is negotiated when it is transferred from

one person to another in such manner as to constitute the trans-
feree the holder thereof.

If payable to bearer, it is negotiated by delivery; if payable
to order, it is negotiated by the indorsement of the holder com-
pleted by delivery.

50. The indorsement must be written on the instrument itself
or upon paper attached thereto. The signature of the indorser,
without additional words, is a sufficient indorsement.