New York § 3-408 Consideration

New York Statutes

§ 3-408 — Consideration

New York·Law UCC Uniform Commercial Code·Part 4 Liability of Parties·Art. 3 Commercial Paper

Section 3--408. Consideration.\n  Want or failure of consideration is a defense as against any person\nnot having the rights of a holder in due course (Section 3--305), except\nthat no consideration is necessary for an instrument or obligation\nthereon given in payment of or as security for an antecedent obligation\nof any kind. Nothing in this section shall be taken to displace any\nstatute outside this Act under which a promise is enforceable\nnotwithstanding lack or failure of consideration. Partial failure of\nconsideration is a defense pro tanto whether or not the failure is in an\nascertained or liquidated amount.\n

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Section 3--408. Consideration.\n Want or failure of consideration is a defense as against any person\nnot having the rights of a holder in due course (Section 3--305), except\nthat no consideration is necessary for an instrument or obligation\nthereon given in payment of or as security for an antecedent obligation\nof any kind. Nothing in this section shall be taken to displace any\nstatute outside this Act under which a promise is enforceable\nnotwithstanding lack or failure of consideration. Partial failure of\nconsideration is a defense pro tanto whether or not the failure is in an\nascertained or liquidated amount.\n

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