Florida Statute 673.3031 | Lawyer Caselaw & Research

The 2024 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

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 Citing Statute 673.3031

Total Results: 3

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

Court: District Court of Appeal of Florida | Date Filed: 2017-01-25

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

Snippet: 3-303 and 3^418 of the Uniform Commercial Code, §§ 673.3031 and 673.4181, Fla. Stat. (2012), the trial court

Broide v. Alvarez

Court: District Court of Appeal of Florida | Date Filed: 2012-05-30

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

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

Deakter v. Menendez

Court: District Court of Appeal of Florida | Date Filed: 2002-09-04

Citation: 830 So. 2d 124, 2002 WL 2008195

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