New Jersey § 12a:3-303
Full text of New Jersey New Jersey Statutes § 12a:3-303, with citation guidance and answers to common questions.
§ 12a:3-303.
a. An instrument is issued or transferred for value if: (1) the instrument is issued or transferred for a promise of performance, to the extent
the promise has been performed; (2) the transferee acquires a security interest or other lien in the instrument other
than a lien obtained by judicial proceeding; (3) 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; (4) the instrument is issued or transferred in exchange for a negotiable instrument;
or (5) 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. 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. of this section,
the instrument is also issued for consideration.
Frequently Asked Questions About New Jersey § 12a:3-303
What does New Jersey Statutes § 12a:3-303 cover?
Section 12a:3-303 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 12a:3-303?
A common citation format is "New Jersey Statutes § 12a:3-303" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:3-303 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.