State Codes and Statutes
Statutes > Utah > Title-70a > Chapter-03 > 70a-3-30370A-3-303. Value and consideration.
(1) An instrument is issued or transferred for value if:
(a) the instrument is issued or transferred for a promise of performance, to the extent thepromise has been performed;
(b) the transferee acquires a security interest or other lien in the instrument other than alien obtained by judicial proceeding;
(c) the instrument is issued or transferred as payment of, or as security for, an antecedentclaim against any person, whether or not the claim is due;
(d) the instrument is issued or transferred in exchange for a negotiable instrument; or
(e) the instrument is issued or transferred in exchange for the incurring of an irrevocableobligation to a third party by the person taking the instrument.
(2) "Consideration" means any consideration sufficient to support a simple contract. Thedrawer 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 extentperformance of the promise is due and the promise has not been performed. If an instrument isissued for value as stated in Subsection (1), the instrument is also issued for consideration.
Repealed and Re-enacted by Chapter 237, 1993 General Session
