Consideration in negotiable instruments: holder for value can recover from transferor and prior parties despite initial lack of consideration. A negotiable instrument made, drawn, accepted, indorsed, or transferred without consideration, or for a consideration which fails, creates no obligation of payment between the parties, but a holder for consideration and subsequent holders may recover from the transferor for consideration or any prior party; exceptions bar recovery by an accommodation party and limit recovery to the value actually paid by a party who induced the instrument but failed to pay consideration in full.