NC General Statutes

N.C. Gen. Stat. § 25-3-303 (2026)

Value and consideration

✓ current as of July 2026

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(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. (1899, c. 733, ss. 16, 24, 25 to 27, 28, 54, 58, 59; Rev., ss. 2166, 2172, 2173 to 2175, 2176, 2203, 2207, 2208; C.S., ss. 2297, 3004, 3005 to 3007, 3008, 3035, 3039, 3040; 1965, c. 700, s. 1; 1995, c. 232, s. 1.)

Notes of Decisions

Cited in 3 cases, 1973–1997 · leading case: Franklin Credit Recovery Fund, XXI, L.P. v. Foreclosure of Deeds of Trust of Huber, 487 S.E.2d 825 (N.C. Ct. App. 1997).

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Franklin Credit Recovery Fund, XXI, L.P. v. Foreclosure of Deeds of Trust of Huber, 487 S.E.2d 825 (N.C. Ct. App. 1997). · cites it 20× “N.C. Gen. Stat. § 25-3-303 (1995) (emphasis added).”

Alamance Builders, Inc. v. Cent. Carolina Bank & Trust Co., 262 S.E.2d 338 (N.C. Ct. App. 1980). · cites it 2× “See G.S. 25-3-303(b). Under this finding of fact by the court, it is not necessary to rely on the prima facie rule of Construction Co.”

Bennett v. United States Fid. & Guar. Co., 198 S.E.2d 33 (N.C. Ct. App. 1973). · cites it 3× “G.S. 25-3-303 defines taking for value as follows: “A holder takes the instrument for value (a) to the extent that the agreed consideration has been performed or that he acquires a security interest in or a lien on the instrument otherwise than by legal process; or (b) when he…”

— N.C. Gen. Stat. § 25-3-303(a) — 1 case

Franklin Credit Recovery Fund, XXI, L.P. v. Foreclosure of Deeds of Trust of Huber, 487 S.E.2d 825 (N.C. Ct. App. 1997). “N.C. Gen. Stat. § 25-3-303 (1995) (emphasis added).”

— N.C. Gen. Stat. § 25-3-303(a)(3) — 1 case

Franklin Credit Recovery Fund, XXI, L.P. v. Foreclosure of Deeds of Trust of Huber, 487 S.E.2d 825 (N.C. Ct. App. 1997). “N.C. Gen. Stat. § 25-3-303 (1995) (emphasis added).”

— N.C. Gen. Stat. § 25-3-303(a)(l) — 1 case

Franklin Credit Recovery Fund, XXI, L.P. v. Foreclosure of Deeds of Trust of Huber, 487 S.E.2d 825 (N.C. Ct. App. 1997). “N.C. Gen. Stat. § 25-3-303 (1995) (emphasis added).”

— N.C. Gen. Stat. § 25-3-303(b) — 2 cases

Franklin Credit Recovery Fund, XXI, L.P. v. Foreclosure of Deeds of Trust of Huber, 487 S.E.2d 825 (N.C. Ct. App. 1997). “N.C. Gen. Stat. § 25-3-303 (1995) (emphasis added).”

Alamance Builders, Inc. v. Cent. Carolina Bank & Trust Co., 262 S.E.2d 338 (N.C. Ct. App. 1980). “See G.S. 25-3-303(b). Under this finding of fact by the court, it is not necessary to rely on the prima facie rule of Construction Co.”

— N.C. Gen. Stat. § 25-3-303(c) — 1 case

Bennett v. United States Fid. & Guar. Co., 198 S.E.2d 33 (N.C. Ct. App. 1973). “G.S. 25-3-303 defines taking for value as follows: “A holder takes the instrument for value (a) to the extent that the agreed consideration has been performed or that he acquires a security interest in or a lien on the instrument otherwise than by legal process; or (b) when he…”

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