§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, or the holder has in good faith changed his position in reliance on it, in which case he is deemed to have given full value for the instrument;
(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), the instrument is also issued for consideration.
Acts 1992, No. 1133, §3, eff. July 1, 1993; Acts 1993, No. 948, §10, eff. Jan. 1, 1994.
Notes of Decisions
Cited in
8
cases, 1979–2019 · leading case:
Succession of Walker, 533 So. 2d 70 (La. Ct. App. 1988).
Succession of Walker, 533 So. 2d 70 (La. Ct. App. 1988).
“R.S. 10:3-303. But for what consideration or for what value did Salter Walker transfer the check to J.”
Redden v. Ripley, 862 So. 2d 469 (La. Ct. App. 2003).
“The law is also clear, however, that an instrument is issued for value if it is in payment of, or as security for, an antecedent claim against any person, whether or not the claim is due.”
Hayward v. Hayward, 5 So. 3d 317 (La. Ct. App. 2009).
“R.S, 10:3-303(b) as applied to negotiable instruments.”
Hall v. Lilly, 666 So. 2d 1328 (La. Ct. App. 1996).
“The current law, LSA-R.S. 10:3-303, similarly provides that an instrument is issued for consideration when it is issued or transferred as security for an antecedent debt, whether or not the claim is due.”
Sonnier v. Gordon, 273 So. 3d 629 (La. Ct. App. 2019).
· cites it 2× “R.S. 10:3-303(a)(1). "Consideration" means any consideration sufficient to support a simple contract.”
Polo Corp. v. Medco Mgmt. Corp., 377 So. 2d 484 (La. Ct. App. 1979).
“It is the opinion of this court that the promissory note was given for a valuable consideration, to-wit, settlement of a debt owed plaintiff and forbearance by plaintiff from suing or judicially enforcing his claim against defendants.”
Sonnier v. Gordon, 273 So. 3d 629 (La. Ct. App. 2019).
· cites it 2× “R.S. 10:3-303(a)(1). "Consideration" means any consideration sufficient to support a simple contract.”
Norris v. Fontenot, 867 So. 2d 179 (La. Ct. App. 2004).
“(d) If, under R.S. 10:3-303(a)(1), the promise of performance that is the consideration for an instrument has been partially performed, the holder may assert rights as a holder in due course of the instrument only to the fraction of the amount payable under the instrument equal…”
La. Rev. Stat. § 10:3-303(a)(1): 3 cases
Sonnier v. Gordon, 273 So. 3d 629 (La. Ct. App. 2019).
“R.S. 10:3-303(a)(1). "Consideration" means any consideration sufficient to support a simple contract.”
Sonnier v. Gordon, 273 So. 3d 629 (La. Ct. App. 2019).
“R.S. 10:3-303(a)(1). "Consideration" means any consideration sufficient to support a simple contract.”
Norris v. Fontenot, 867 So. 2d 179 (La. Ct. App. 2004).
“(d) If, under R.S. 10:3-303(a)(1), the promise of performance that is the consideration for an instrument has been partially performed, the holder may assert rights as a holder in due course of the instrument only to the fraction of the amount payable under the instrument equal…”
La. Rev. Stat. § 10:3-303(a)(3): 1 case
Redden v. Ripley, 862 So. 2d 469 (La. Ct. App. 2003).
“The law is also clear, however, that an instrument is issued for value if it is in payment of, or as security for, an antecedent claim against any person, whether or not the claim is due.”
La. Rev. Stat. § 10:3-303(b): 3 cases
Hayward v. Hayward, 5 So. 3d 317 (La. Ct. App. 2009).
“R.S, 10:3-303(b) as applied to negotiable instruments.”
Sonnier v. Gordon, 273 So. 3d 629 (La. Ct. App. 2019).
“R.S. 10:3-303(a)(1). "Consideration" means any consideration sufficient to support a simple contract.”
Sonnier v. Gordon, 273 So. 3d 629 (La. Ct. App. 2019).
“R.S. 10:3-303(a)(1). "Consideration" means any consideration sufficient to support a simple contract.”
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