N.Y. Uniform Commercial Code Law § 3-408: Consideration

Section 3--408. Consideration.

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.