value received

A formalized recital of consideration without elaboration. 49 Am J1st Stat of F § 373. As the expression is used in a promissory note, it does not necessarily import a consideration in money, and a promise to pay may legally be the consideration, without any money passing. The consideration may be as varied as the transactions of men. Not only does the phrase not necessarily import a consideration of money, but it does not conclusively import a consideration of any kind; for it is competent, notwithstanding these words, to show that no consideration has been, in fact, received. Osgood v Bringolf, 32 Iowa 265, 270. The words as used in a written instrument, other than a negotiable or sealed instrument, have generally been held to create a presumption, or make a prima facie case, of a sufficient consideration to support the instrument. Thus, the recital "value received" in an assignment of a life insurance policy, being in the nature of an admission by the assignor of the receipt of a consideration, creates a prima facie case that there was a sufficient consideration to make the assignment effective. Finegan v Prudential Ins. Co. 300 Mass 147, 14 NE2d 172, 116 ALR 535. See for value received; valuable consideration.