§ 34.1-3-303 — Value and consideration

Wyoming § 34.1-3-303

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 3: NEGOTIABLE INSTRUMENTS

Text

(a) An instrument is issued or transferred for value if:
(i) The instrument is issued or transferred for a
promise of performance, to the extent the promise has been
performed;
(ii) The transferee acquires a security interest or
other lien in the instrument other than a lien obtained by
judicial proceeding;
(iii) 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;
(iv) The instrument is issued or transferred in
exchange for a negotiable instrument;
(v) 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; or
(vi) The holder is a registered clearing corporation
and makes the initial entry of the instrument on its books for
the account of a party having a contractual relationship with
it.
(b) "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.