New York § 551 - 551Negotiable notes given for a speculative consideration

§ 551. 551Negotiable notes given for a speculative consideration

§ 551. Negotiable notes given for a speculative consideration. Notwithstanding article three of the uniform commercial code, a negotiable promissory note, the consideration of which consists in whole or in part of the purchase price of any farm product, at a price greater by at least four times than the fair market value of the same product at the time in the locality, or of the membership and rights in an association, company or combination to produce or sell any farm product at a fictitious rate, or of a contract or bond to purchase or sell any farm product at a price greater by four times than the market value of the same product at the time in the locality, must contain the words "given for a speculative consideration" or other words clearly showing the nature of the consideration, prominently and legibly written or printed on the face of such note above the signature thereof; and such note, in the hands of any purchaser or holder, is subject to the same defenses as in the hands of the original owner or holder.