Texas Business & Commerce Code
§ 3.303 — VALUE AND CONSIDERATION
BC § 3.303Title 1. UNIFORM COMMERCIAL CODE · Ch. 3. NEGOTIABLE INSTRUMENTS · Art. C. ENFORCEMENT OF INSTRUMENTS
Statute text
View on source(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.
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Legislative history
Amended by Acts 1995, 74th Leg., ch. 921, Sec. 1, eff. Jan. 1, 1996.