California Commercial Code

§ 3303

COM § 3303 Effective Jan 1, 1993Div. 3 · Ch. 3

(a)An instrument is issued or transferred for value if any of the following apply:

(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.

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Legislative history

Repealed and added by Stats. 1992, Ch. 914, Sec. 6. Effective January 1, 1993.