Michigan § 440.3303 - Instrument issued or transferred for value; consideration.
Full text of Michigan Michigan Compiled Laws § 440.3303 — Instrument issued or transferred for value; consideration., with citation guidance and answers to common questions.
§ 440.3303. Instrument issued or transferred for value; consideration.
An instrument is issued or transferred for value if any of the following apply:
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.
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 (1), the instrument is also issued for consideration.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 440.3303
What does Michigan Compiled Laws § 440.3303 cover?
Section 440.3303 ("Instrument issued or transferred for value; consideration.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. 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 Michigan § 440.3303?
A common citation format is "Michigan Compiled Laws § 440.3303" (Michigan). 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 Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 440.3303 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan 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 Michigan.