{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.3A-303.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.3A-303.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.3A-303.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.3A-303.html"}],"law_id":57109,"edition_id":1,"section_id":57109,"structure_id":13055,"section_number":"8.3A-303","catch_line":"Value and consideration","history":"Code 1950, \u00a7\u00a7 6-376, 6-377 through 6-380, 6-406, 6-410, 6-411; 1964, c. 219, \u00a7\u00a7 8.3-303, 8.3-306, 8.3-408; 1992, c. 693.","full_text":"a\n\nAn instrument is issued or transferred for value if:1\n\nthe instrument is issued or transferred for a promise of performance, to the extent the promise has been performed;2\n\nthe transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceeding;3\n\nthe 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\n\nthe instrument is issued or transferred in exchange for a negotiable instrument; or5\n\nthe 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\n\n“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.","order_by":null,"text":{"0":{"id":209134,"text":"An instrument is issued or transferred for value if:","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"a1"},"1":{"id":209135,"text":"the instrument is issued or transferred for a promise of performance, to the extent the promise has been performed;","type":"section","prefixes":["a","1"],"prefix":"1","entire_prefix":"a1","prefix_anchor":"a1","level":2,"prior_prefix":"a","next_prefix":"a2"},"2":{"id":209136,"text":"the transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceeding;","type":"section","prefixes":["a","2"],"prefix":"2","entire_prefix":"a2","prefix_anchor":"a2","level":2,"prior_prefix":"a1","next_prefix":"a3"},"3":{"id":209137,"text":"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;","type":"section","prefixes":["a","3"],"prefix":"3","entire_prefix":"a3","prefix_anchor":"a3","level":2,"prior_prefix":"a2","next_prefix":"a4"},"4":{"id":209138,"text":"the instrument is issued or transferred in exchange for a negotiable instrument; or","type":"section","prefixes":["a","4"],"prefix":"4","entire_prefix":"a4","prefix_anchor":"a4","level":2,"prior_prefix":"a3","next_prefix":"a5"},"5":{"id":209139,"text":"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.","type":"section","prefixes":["a","5"],"prefix":"5","entire_prefix":"a5","prefix_anchor":"a5","level":2,"prior_prefix":"a4","next_prefix":"b"},"6":{"id":209140,"text":"“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.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a5"}},"ancestry":[{"id":13055,"edition_id":1,"name":"Enforcement of Instruments","identifier":"3","label":"part","depth":2,"order_by":1,"parent_id":13054,"metadata":{},"date_created":"2026-06-26 03:44:11","date_modified":"2026-06-26 03:44:11","permalink":{"id":282819,"object_type":"structure","relational_id":13055,"identifier":"3","token":"8.3A\/3","url":"\/8.3A\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13054,"edition_id":1,"name":"Commercial Code \u2014 Negotiable Instruments","identifier":"8.3A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:11","date_modified":"2026-06-26 03:44:11","permalink":{"id":282705,"object_type":"structure","relational_id":13054,"identifier":"8.3A","token":"8.3A","url":"\/8.3A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":65014,"structure_id":13055,"section_number":"8.3A-301","catch_line":"Person entitled to enforce instrument","url":"\/8.3A-301\/","token":"8.3A\/3\/8.3A-301","metadata":false},{"id":57239,"structure_id":13055,"section_number":"8.3A-302","catch_line":"Holder in due course","url":"\/8.3A-302\/","token":"8.3A\/3\/8.3A-302","metadata":false},{"id":57109,"structure_id":13055,"section_number":"8.3A-303","catch_line":"Value and consideration","url":"\/8.3A-303\/","token":"8.3A\/3\/8.3A-303","metadata":false},{"id":54111,"structure_id":13055,"section_number":"8.3A-304","catch_line":"Overdue instrument","url":"\/8.3A-304\/","token":"8.3A\/3\/8.3A-304","metadata":false},{"id":65312,"structure_id":13055,"section_number":"8.3A-305","catch_line":"Defenses and claims in recoupment","url":"\/8.3A-305\/","token":"8.3A\/3\/8.3A-305","metadata":false},{"id":70356,"structure_id":13055,"section_number":"8.3A-306","catch_line":"Claims to an instrument","url":"\/8.3A-306\/","token":"8.3A\/3\/8.3A-306","metadata":false},{"id":57726,"structure_id":13055,"section_number":"8.3A-307","catch_line":"Notice of breach of fiduciary duty","url":"\/8.3A-307\/","token":"8.3A\/3\/8.3A-307","metadata":false},{"id":60258,"structure_id":13055,"section_number":"8.3A-308","catch_line":"Proof of signatures and status as holder in due course","url":"\/8.3A-308\/","token":"8.3A\/3\/8.3A-308","metadata":false},{"id":57632,"structure_id":13055,"section_number":"8.3A-309","catch_line":"Enforcement of lost, destroyed, or stolen instrument","url":"\/8.3A-309\/","token":"8.3A\/3\/8.3A-309","metadata":false},{"id":82224,"structure_id":13055,"section_number":"8.3A-310","catch_line":"Effect of instrument on obligation for which taken","url":"\/8.3A-310\/","token":"8.3A\/3\/8.3A-310","metadata":false},{"id":83612,"structure_id":13055,"section_number":"8.3A-311","catch_line":"Accord and satisfaction by use of instrument","url":"\/8.3A-311\/","token":"8.3A\/3\/8.3A-311","metadata":false},{"id":82560,"structure_id":13055,"section_number":"8.3A-312","catch_line":"Lost, destroyed, or stolen cashier's check, teller's check, or certified check","url":"\/8.3A-312\/","token":"8.3A\/3\/8.3A-312","metadata":false}],"previous_section":{"id":57239,"structure_id":13055,"section_number":"8.3A-302","catch_line":"Holder in due course","url":"\/8.3A-302\/","token":"8.3A\/3\/8.3A-302","metadata":false},"next_section":{"id":54111,"structure_id":13055,"section_number":"8.3A-304","catch_line":"Overdue instrument","url":"\/8.3A-304\/","token":"8.3A\/3\/8.3A-304","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.3A-303\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1964, chapter 219; in 1992, chapter 693.<\/p>","references":[{"id":77332,"section_number":"8.3A-103","catch_line":"Definitions","order_by":null,"url":"\/8.3A-103\/"},{"id":57239,"section_number":"8.3A-302","catch_line":"Holder in due course","order_by":null,"url":"\/8.3A-302\/"},{"id":68166,"section_number":"8.5A-102","catch_line":"Definitions","order_by":null,"url":"\/8.5A-102\/"},{"id":81896,"section_number":"8.9A-403","catch_line":"Agreement not to assert defenses against assignee","order_by":null,"url":"\/8.9A-403\/"}],"refers_to":false,"permalink":{"id":282829,"object_type":"law","relational_id":57109,"identifier":"8.3A-303","token":"8.3A\/3\/8.3A-303","url":"\/8.3A-303\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.3A-303\/","token":"8.3A\/3\/8.3A-303","dublin_core":{"Title":"Value and consideration","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.3A-303","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> An instrument is issued or transferred for value if: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> the instrument is issued or transferred for a promise of performance, to the extent the promise has been performed; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> the transferee acquires a security interest or other lien<\/span> in the instrument other than a lien<\/span> obtained by judicial proceeding; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> 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; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> the instrument is issued or transferred in exchange for a negotiable instrument; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> the instrument is issued or transferred in exchange for the incurring of an irrevocable obligation to a third party<\/span> by the person taking the instrument. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> “Consideration<\/span>” means any consideration<\/span> sufficient to support a simple contract<\/span>. The drawer or maker of an instrument has a defense if the instrument is issued without consideration<\/span>. 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<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nVALUE AND CONSIDERATION (\u00a7 8.3A-303)\n\na. An instrument is issued or transferred for value if:\n\n 1. the instrument is issued or transferred for a promise of performance, to\n the extent the promise has been performed;\n\n 2. the transferee acquires a security interest or other lien in the instrument\n other than a lien obtained by judicial proceeding;\n\n 3. the instrument is issued or transferred as payment of, or as security for,\n an antecedent claim against any person, whether or not the claim is due;\n\n 4. the instrument is issued or transferred in exchange for a negotiable\n instrument; or\n\n 5. the instrument is issued or transferred in exchange for the incurring of an\n irrevocable obligation to a third party by the person taking the instrument.\n\nb. “Consideration” means any consideration sufficient to support a\nsimple contract. The drawer or maker of an instrument has a defense if the\ninstrument is issued without consideration. If an instrument is issued for a\npromise of performance, the issuer has a defense to the extent performance of\nthe promise is due and the promise has not been performed. If an instrument is\nissued for value as stated in subsection (a), the instrument is also issued for\nconsideration.\n\nHISTORY: Code 1950, \u00a7\u00a7 6-376, 6-377 through 6-380, 6-406, 6-410, 6-411; 1964,\nc. 219, \u00a7\u00a7 8.3-303, 8.3-306, 8.3-408; 1992, c. 693.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}