Georgia § 11-3-303 - Value and consideration.
Full text of Georgia Official Code of Georgia Annotated § 11-3-303 — Value and consideration., with citation guidance and answers to common questions.
§ 11-3-303. Value and consideration.
An instrument is issued or transferred for value if: The instrument is issued or transferred for a promise of performance, to the extent the promise has been performed; The transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceeding; 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; The instrument is issued or transferred in exchange for a negotiable instrument; or 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. "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) of this Code section, the instrument is also issued for consideration. (Code 1981, § 11-3-303 , enacted by Ga. L. 1996, p. 1306, § 3.) Law reviews. - For article discussing judicial activism in cases involving claims and defenses under the Uniform Commercial Code, see 17 Ga. L. Rev. 569 (1983).
Frequently Asked Questions About Georgia § 11-3-303
What does Official Code of Georgia Annotated § 11-3-303 cover?
Section 11-3-303 ("Value and consideration.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 11-3-303?
A common citation format is "Official Code of Georgia Annotated § 11-3-303" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 11-3-303 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.