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Can you summarize NHRS 382-A:3-303?
UNIFORM COMMERCIAL CODE > Value and Consideration.
Short Summary
This legal document, part of the New Hampshire Revised Statutes, specifically Chapter 382-A, pertains to the Uniform Commercial Code (UCC). It outlines the conditions under which an instrument is considered to be issued or transferred for value. These conditions include the instrument being issued or transferred for a promise of performance, the transferee acquiring a security interest or lien in the instrument, the instrument being issued or transferred as payment of an antecedent claim, the instrument being exchanged for a negotiable instrument, or the instrument being exchanged for the incurring of an irrevocable obligation to a third party. The document also defines ‘consideration’ as any consideration sufficient to support a simple contract. It states that the drawer or maker of an instrument has a defense if the instrument is issued without consideration. Additionally, it provides defenses for the issuer if the instrument is issued for a promise of performance or for value as stated in subsection (a).
Whom does it apply to?
Any person involved in the issuance or transfer of an instrument
What does it govern?
Uniform Commercial Code
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire