Utah Code 70A-3-303. Value and consideration
Current as of: 2023 | Check for updates
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(1) | An instrument is issued or transferred for value if:
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(2) | “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. |
Repealed and Re-enacted by Chapter 237, 1993 General Session