Want or failure of consideration is a defense as against any person
not having the rights of a holder in due course (Section 3--305), except
that no consideration is necessary for an instrument or obligation
thereon given in payment of or as security for an antecedent obligation
of any kind. Nothing in this section shall be taken to displace any
statute outside this Act under which a promise is enforceable
notwithstanding lack or failure of consideration. Partial failure of
consideration is a defense pro tanto whether or not the failure is in an
ascertained or liquidated amount.
Structure New York Laws
3-402 - Signature in Ambiguous Capacity.
3-403 - Signature by Authorized Representative.
3-404 - Unauthorized Signatures.
3-405 - Impostors; Signature in Name of Payee.
3-406 - Negligence Contributing to Alteration or Unauthorized Signature.
3-409 - Draft Not an Assignment.
3-410 - Definition and Operation of Acceptance.
3-411 - Certification of a Check.
3-412 - Acceptance Varying Draft.
3-413 - Contract of Maker, Drawer and Acceptor.
3-414 - Contract of Indorser; Order of Liability.
3-415 - Contract of Accommodation Party.
3-416 - Contract of Guarantor.
3-417 - Warranties on Presentment and Transfer.