The 2023 Florida Statutes (including Special Session C)

Title XXXIX
COMMERCIAL RELATIONS

Chapter 673
UNIFORM COMMERCIAL CODE: NEGOTIABLE INSTRUMENTS

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F.S. 673.3031

673.3031 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 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 proceeding;

(c) 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;

(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) The term “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 (1), the instrument is also issued for consideration.

History.—s. 2, ch. 92-82.

F.S. 673.3031 on Google Scholar

F.S. 673.3031 on Casetext

Amendments to 673.3031

Arrestable Offenses / Crimes under Fla. Stat. 673.3031

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 673.3031.

Annotations, Discussions, Cases:

Cases from cite.case.law:

BANCO BILBAO VIZCAYA ARGENTARIA, v. EASY LUCK CO. INC., 208 So. 3d 1241 (Fla. Dist. Ct. App. 2017)

. . . Applying sections 3-303 and 3^418 of the Uniform Commercial Code, §§ 673.3031 and 673.4181, Fla. . . . Section 673.3031, Fla. . . . The purpose of section 673.3031(l)(c) is explained in Comment 4 to the Uniform Commercial Code as follows . . . Section 673.3031 describes the very situation at issue here. . . .

BROIDE LLC, v. ALVAREZ, s LLC, a, 90 So. 3d 857 (Fla. Dist. Ct. App. 2012)

. . . See § 673.3031(2), Fla. . . .

EQUITY INVESTMENT PARTNERS, LP, v. LENZ,, 594 F.3d 1338 (11th Cir. 2010)

. . . . § 673.3031(1)(c) (providing that an instrument is issued for value if “issued or transferred as payment . . . Stat. § 673.3031 cmt. 1 (providing as an example of past consideration, “X owes Y $1,000. . . . Stat. § 673.3031 cmt. 4 (noting subsection (1)(c) "is intended to apply to an instrument given in payment . . .

EQUITY INVESTMENT PARTNERS, LP, v. UNITED STATES v. LP LLC, 669 F. Supp. 2d 1330 (S.D. Fla. 2009)

. . . . § 673.3031; see also Deakter v. . . . Stat. § 673.3031, cited by Equity LP, support the holding that the antecedent debt need be related to . . . Stat. § 673.3031 (comment) (“Case #1. X owes Y $1,000. The debt is not represented by a note. . . .

DEAKTER, v. MENENDEZ, Jr., 830 So. 2d 124 (Fla. Dist. Ct. App. 2002)

. . . Section 673.3031, Florida Statutes (1993) provides: (1) An instrument is transferred for value if: .. . . .