Vermont § 303 - § 3—303.
Full text of Vermont Vermont Statutes Online § 303 — § 3—303., with citation guidance and answers to common questions.
§ 303. § 3—303.
- Value and consideration (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. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)
Frequently Asked Questions About Vermont § 303
What does Vermont Statutes Online § 303 cover?
Section 303 ("§ 3—303.") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 303?
A common citation format is "Vermont Statutes Online § 303" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 303 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.