Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
Notes given for a speculative consideration
General Business (GBS) CHAPTER 20, ARTICLE 29-D
§ 553. Notes given for a speculative consideration. A person who
takes, sells or transfers a negotiable promissory note within article
three of the uniform commercial code, knowing the consideration of such
note to consist in whole or in part of the purchase price of any farm
product at a price greater by four or more times than the fair market
value of the same product at the time in the locality, or in which the
consideration shall be in whole or in part, membership of and rights in
an association, company or combination to produce or sell any farm
product at a fictitious rate, or of a contract or bond to purchase or
sell any farm product at such rate, without having the words "given for
a speculative consideration" or other words clearly showing the nature
of the consideration prominently and legibly written or printed on the
face of such note above the signature thereof, is guilty of a