New York § 553 - 553Notes given for a speculative consideration
Full text of New York New York Consolidated Laws § 553 — 553Notes given for a speculative consideration, with citation guidance and answers to common questions.
§ 553. 553Notes given for a speculative consideration
§ 553. Notes given for a speculative consideration. A person who takes, sells or transfers a negotiable promissory note within article three of the uniform commercial code, knowing the consideration of such note to consist in whole or in part of the purchase price of any farm product at a price greater by four or more times than the fair market value of the same product at the time in the locality, or in which the consideration shall be in whole or in part, membership of 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 such rate, without having 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, is guilty of a misdemeanor.
Frequently Asked Questions About New York § 553
What does New York Consolidated Laws § 553 cover?
Section 553 ("553Notes given for a speculative consideration") is part of the New York Consolidated Laws, the codified statutory law of New York. 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 York § 553?
A common citation format is "New York Consolidated Laws § 553" (New York). 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 York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 553 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York 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 York.