Montana § 30-3-303 - Value And Consideration
Full text of Montana Montana Code Annotated § 30-3-303 — Value And Consideration, with citation guidance and answers to common questions.
§ 30-3-303. Value And Consideration
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 that the promise has been performed; (b) the transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceedings; (c) the instrument is issued or transferred as payment of, or as security for, an existing obligation of any person, whether or not the obligation 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 irrevocable obligation to a third party by the person taking the instrument. (2) "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 drawer or maker 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.
Frequently Asked Questions About Montana § 30-3-303
What does Montana Code Annotated § 30-3-303 cover?
Section 30-3-303 ("Value And Consideration") is part of the Montana Code Annotated, the codified statutory law of Montana. 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 Montana § 30-3-303?
A common citation format is "Montana Code Annotated § 30-3-303" (Montana). 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 Montana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Montana official source linked on this page or consult a licensed Montana attorney.
How does Montana § 30-3-303 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Montana 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 Montana.