N.Y. UCC Law § 3-408
This is the official text of N.Y. UCC Law § 3-408, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Consideration
Official statutory text
Section 3--408. Consideration.\n Want or failure of consideration is a defense as against any person\nnot having the rights of a holder in due course (Section 3--305), except\nthat no consideration is necessary for an instrument or obligation\nthereon given in payment of or as security for an antecedent obligation\nof any kind. Nothing in this section shall be taken to displace any\nstatute outside this Act under which a promise is enforceable\nnotwithstanding lack or failure of consideration. Partial failure of\nconsideration is a defense pro tanto whether or not the failure is in an\nascertained or liquidated amount.\n
Status: in_force · Read it on the official government site
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