diff --git a/test/finalize.test.js b/test/finalize.test.js
new file mode 100644
index 000000000..c47c9b262
--- /dev/null
+++ b/test/finalize.test.js
@@ -0,0 +1,39 @@
+/**
+ *  issue:
+ *  https://github.com/mapbox/node-sqlite3/issues/503
+ */
+
+var sqlite3 = require('..');
+var assert = require('assert');
+
+describe('finalize', function() {
+    it('test Statement#finalize() with callback function', function(done) {
+        var count = 10;
+
+        var db = new sqlite3.Database(':memory:');
+        db.serialize(function() {
+            db.run("CREATE TABLE foo (id INT, value TEXT)");
+
+            var stmt = db.prepare("INSERT INTO foo VALUES(?, ?)");
+            for (var i = 0; i < count; i++) {
+                stmt.run(i, 'Value for ' + i, function(err) {
+                    if (err) throw err;
+                });
+            }
+            stmt.finalize();
+
+            var values = [];
+            stmt = db.prepare("SELECT * FROM foo");
+            stmt.each({}, function (err, row) {
+                if (err) throw err;
+                values.push(row.value);
+            });
+ 
+            stmt.finalize(function() {
+                assert.equal(values.length, count);
+                done();
+            });
+
+        });
+    });
+});