Florida Statute 673.3031 - Full Text and Legal Analysis

The 2025 Florida Statutes

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.

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Amendments to 673.3031

Annotations, Discussions, Cases:

Cases Citing Statute 673.3031

Total Results: 5

Equity Investment Partners, LP v. Lenz

594 F.3d 1338, 105 A.F.T.R.2d (RIA) 777, 2010 U.S. App. LEXIS 2018, 2010 WL 323569

Court of Appeals for the Eleventh Circuit | Filed: Jan 29, 2010 | Docket: 1299516

Cited 15 times | Published

the creation of a security interest. Fla. Stat. § 673.3031(1)(c) (providing that an instrument is issued

Deakter v. Menendez

830 So. 2d 124, 2002 WL 2008195

District Court of Appeal of Florida | Filed: Sep 4, 2002 | Docket: 471439

Cited 15 times | Published

consideration was required to support the 1995 note. Section 673.3031, Florida Statutes (1993) provides: *129 (1)

Banco Bilbao Vizcaya Argentaria v. Easy Luck Co. Inc.

208 So. 3d 1241, 91 U.C.C. Rep. Serv. 2d (West) 859, 2017 WL 361944, 2017 Fla. App. LEXIS 718

District Court of Appeal of Florida | Filed: Jan 25, 2017 | Docket: 4573216

Published

parties in these circumstance differently. Section 673.3031, Fla. Stat. (2012), section 3-303 of the Uniform

Broide v. Alvarez

90 So. 3d 857, 2012 WL 1934415, 2012 Fla. App. LEXIS 8736

District Court of Appeal of Florida | Filed: May 30, 2012 | Docket: 60309663

Published

unenforceable for lack of consideration. See § 673.3031(2), Fla. Stat. (2004) (“The drawer or maker of

Equity Investment Partners, LP v. United States

669 F. Supp. 2d 1330, 104 A.F.T.R.2d (RIA) 6530, 2009 U.S. Dist. LEXIS 89363, 2009 WL 3391576

District Court, S.D. Florida | Filed: Aug 18, 2009 | Docket: 2281305

Published

whether or not the claim is due." Fla. Stat. § 673.3031; see also Deakter v. Menendez, 830 So.2d 124