Massachusetts General Laws
Article 3 - Negotiable Instruments
Section 3-303 - Value and Consideration

Section 3–303. (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), the instrument is also issued for consideration.

Structure Massachusetts General Laws

Massachusetts General Laws

Part I - Administration of the Government

Title XV - Regulation of Trade

Chapter 106 - Uniform Commercial Code

Article 3 - Negotiable Instruments

Section 3-111 - Place of Payment

Section 3-112 - Interest

Section 3-102 - Subject Matter

Section 3-312 - Lost, Destroyed, or Stolen Cashier's Check, Teller's Check, or Certified Check

Section 3-401 - Signature

Section 3-402 - Signature by Representative

Section 3-403 - Unauthorized Signature

Section 3-404 - Impostors; Fictitious Payees

Section 3-405 - Employer's Responsibility for Fraudulent Indorsement by Employee

Section 3-406 - Negligence Contributing to Forged Signature or Alteration of Instrument

Section 3-407 - Alteration

Section 3-408 - Drawee Not Liable on Unaccepted Draft

Section 3-409 - Acceptance of Draft; Certified Check

Section 3-410 - Acceptance Varying Draft

Section 3-411 - Refusal to Pay Cashier's Checks, Teller's Checks, and Certified Checks

Section 3-412 - Obligation of Issuer of Note or Cashier's Check

Section 3-413 - Obligation of Acceptor

Section 3-311 - Accord and Satisfaction by Use of Instrument

Section 3-414 - Obligation of Drawer

Section 3-416 - Transfer Warranties

Section 3-418 - Payment or Acceptance by Mistake

Section 3-419 - Instruments Signed for Accommodation

Section 3-420 - Conversion of Instrument

Section 3-501 - Presentment

Section 3-502 - Dishonor

Section 3-503 - Notice of Dishonor

Section 3-504 - Excused Presentment and Notice of Dishonor

Section 3-505 - Evidence of Dishonor

Section 3-601 - Discharge and Effect of Discharge

Section 3-602 - Payment

Section 3-603 - Tender of Payment

Section 3-604 - Discharge by Cancellation or Renunciation

Section 3-605 - Discharge of Indorsers and Accommodation Parties

Section 3-415 - Obligation of Indorser

Section 3-310 - Effect of Instrument on Obligation for Which Taken

Section 3-417 - Presentment Warranties

Section 3-308 - Proof of Signatures and Status as Holder in Due Course

Section 3-309 - Enforcement of Lost, Destroyed, or Stolen Instrument

Section 3-103 - Definitions

Section 3-104 - Negotiable Instrument

Section 3-105 - Issue of Instrument

Section 3-106 - Unconditional Promise or Order

Section 3-107 - Instrument Payable in Foreign Money

Section 3-108 - Payable on Demand or at Definite Time

Section 3-110 - Identification of Person to Whom Instrument Is Payable

Section 3-101 - Short Title

Section 3-113 - Date of Instrument

Section 3-114 - Contradictory Terms of Instrument

Section 3-115 - Incomplete Instrument

Section 3-116 - Joint and Several Liability; Contribution

Section 3-117 - Other Agreements Affecting Instrument

Section 3-118 - Statute of Limitations

Section 3-109 - Payable to Bearer or to Order

Section 3-201 - Negotiation

Section 3-307 - Notice of Breach of Fiduciary Duty

Section 3-119 - Notice of Right to Defend Action

Section 3-306 - Claims to an Instrument

Section 3-305 - Defenses and Claims in Recoupment

Section 3-304 - Overdue Instrument

Section 3-302 - Holder in Due Course

Section 3-301 - Person Entitled to Enforce Instrument

Section 3-303 - Value and Consideration

Section 3-207 - Reacquisition

Section 3-206 - Restrictive Indorsement

Section 3-205 - Special Indorsement; Blank Indorsement; Anomalous Indorsement

Section 3-204 - Indorsement

Section 3-203 - Transfer of Instrument; Rights Acquired by Transfer

Section 3-202 - Negotiation Subject to Rescission