{"id":7893,"date":"2017-11-16T05:14:36","date_gmt":"2017-11-16T05:14:36","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=7893"},"modified":"2017-11-16T05:14:36","modified_gmt":"2017-11-16T05:14:36","slug":"u-c-c-%c2%a7-3-303-value-and-consideration","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=7893","title":{"rendered":"U.C.C. \u00a7 3-303. VALUE AND CONSIDERATION."},"content":{"rendered":"

Uniform Commercial Code\u00a0(“U.C.C.”)
\n<\/span>ARTICLE 3 – NEGOTIABLE INSTRUMENTS (2002)
\n<\/span><\/strong><\/span>PART 3. ENFORCEMENT OF INSTRUMENTS<\/strong><\/span>
\n<\/span><\/p>\n

\u00a7 3-303. VALUE AND CONSIDERATION.<\/strong><\/span><\/p>\n

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(a) An\u00a0instrument<\/a>\u00a0is\u00a0issued<\/a>\u00a0or transferred for value if:<\/span><\/p>\n

(1) the\u00a0instrument<\/a>\u00a0is\u00a0issued<\/a>\u00a0or transferred for a\u00a0promise<\/a>\u00a0of performance, to the extent the promise has been performed;<\/span><\/p>\n

(2) the transferee acquires a security interest or other lien in the\u00a0instrument<\/a>\u00a0other than a lien obtained by judicial proceeding;<\/span><\/p>\n

(3) the\u00a0instrument<\/a>\u00a0is\u00a0issued<\/a>\u00a0or transferred as payment of, or as security for, an antecedent claim against any person, whether or not the claim is due;<\/span><\/p>\n

(4) the\u00a0instrument<\/a>\u00a0is\u00a0issued<\/a>\u00a0or transferred in exchange for a\u00a0negotiable instrument<\/a>; or<\/span><\/p>\n

(5) the\u00a0instrument<\/a>\u00a0is\u00a0issued<\/a>\u00a0or transferred in exchange for the incurring of an irrevocable obligation to a third\u00a0party<\/a>\u00a0by the person taking the instrument.<\/span><\/p>\n

(b)”Consideration<\/span>” means any consideration sufficient to support a simple contract. The\u00a0drawer<\/a>\u00a0or\u00a0maker<\/a>\u00a0of an\u00a0instrument<\/a>\u00a0has a defense if the instrument is\u00a0issued<\/a>\u00a0without consideration. If an instrument is issued for a\u00a0promise<\/a>\u00a0of performance, the\u00a0issuer<\/a>\u00a0has 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<\/span><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

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[1]: Cornell Law University’s Legal Information Institute:<\/span><\/strong><\/p>\n

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