{"data":{"id":"us-mi/mich.-comp.-laws-440.3303","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.3303","heading":"Instrument issued or transferred for value; consideration.","body":"Sec. 3303.\n\nAn instrument is issued or transferred for value if any of the following apply:\n\nThe instrument is issued or transferred for a promise of performance, to the extent the promise has been performed.\n\nThe transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceeding.\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.\n\nThe instrument is issued or transferred in exchange for a negotiable instrument.\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.\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 (1), the instrument is also issued for consideration.","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-3303","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"28cffc47eb6b08ae4e25210e74c8ee7c355dc90190173a8584ad611d0f4a8244","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.3302","next":"us-mi/mich.-comp.-laws-440.3304"},"notice":"GroundRules: Original legal text. Not legal advice."}