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of <h1>Negotiable instruments without consideration don't create payment obligations unless transferred for value; exceptions apply for accommodating parties.</h1> A negotiable instrument made, drawn, accepted, endorsed, or transferred without consideration, or where the consideration fails, does not create a payment obligation between the involved parties. However, if such an instrument is transferred to a holder for consideration, that holder and any subsequent holder can recover the amount from the transferor or any prior party. Exception I states that a party who has accommodated the instrument cannot recover the amount if they have paid it. Exception II restricts recovery to the value of consideration actually paid by a party who induced another to make or transfer the instrument.
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