diff --git a/CHANGELOG.md b/CHANGELOG.md
index 47aa8f63fa..26678dce37 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -34,6 +34,7 @@
 - Implement user-facing bech32 encoding for `AccountId`s (#1185).
 - Implemented `execute_tx_view_script` procedure for the `TransactionExecutor` (#1197).
 - Enabled nested FPI calls (#1227).
+- Implement `check_notes_consumability` procedure for the `TransactionExecutor` (#1269).
 
 ### Changes
 
diff --git a/Cargo.lock b/Cargo.lock
index 88dc4979d3..2269faf4ed 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -17,17 +17,6 @@ version = "2.0.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "512761e0bb2578dd7380c6baaa0f4ce03e84f95e960231d1dec8bf4d7d6e2627"
 
-[[package]]
-name = "ahash"
-version = "0.7.8"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "891477e0c6a8957309ee5c45a6368af3ae14bb510732d2684ffa19af310920f9"
-dependencies = [
- "getrandom 0.2.15",
- "once_cell",
- "version_check",
-]
-
 [[package]]
 name = "ahash"
 version = "0.8.11"
@@ -138,9 +127,9 @@ dependencies = [
 
 [[package]]
 name = "anyhow"
-version = "1.0.97"
+version = "1.0.98"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "dcfed56ad506cb2c684a14971b8861fdc3baaaae314b9e5f9bb532cbe3ba7a4f"
+checksum = "e16d2d3311acee920a9eb8d33b8cbc1787ce4a264e85f964c2404b969bdcd487"
 dependencies = [
  "backtrace",
 ]
@@ -415,9 +404,9 @@ dependencies = [
 
 [[package]]
 name = "blake3"
-version = "1.7.0"
+version = "1.8.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "b17679a8d69b6d7fd9cd9801a536cec9fa5e5970b69f9d4747f70b39b031f5e7"
+checksum = "389a099b34312839e16420d499a9cad9650541715937ffbdd40d36f49e77eeb3"
 dependencies = [
  "arrayref",
  "arrayvec",
@@ -488,9 +477,9 @@ checksum = "37b2a672a2cb129a2e41c10b1224bb368f9f37a2b16b612598138befd7b37eb5"
 
 [[package]]
 name = "cc"
-version = "1.2.17"
+version = "1.2.19"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "1fcb57c740ae1daf453ae85f16e37396f672b039e00d9d866e07ddb24e328e3a"
+checksum = "8e3a13707ac958681c13b39b458c073d0d9bc8a22cb1b2f4c8e55eb72c13f362"
 dependencies = [
  "jobserver",
  "libc",
@@ -558,9 +547,9 @@ dependencies = [
 
 [[package]]
 name = "clap"
-version = "4.5.32"
+version = "4.5.36"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6088f3ae8c3608d19260cd7445411865a485688711b78b5be70d78cd96136f83"
+checksum = "2df961d8c8a0d08aa9945718ccf584145eee3f3aa06cddbeac12933781102e04"
 dependencies = [
  "clap_builder",
  "clap_derive 4.5.32",
@@ -568,9 +557,9 @@ dependencies = [
 
 [[package]]
 name = "clap_builder"
-version = "4.5.32"
+version = "4.5.36"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "22a7ef7f676155edfb82daa97f99441f3ebf4a58d5e32f295a56259f1b6facc8"
+checksum = "132dbda40fb6753878316a489d5a1242a8ef2f0d9e47ba01c951ea8aa7d013a5"
 dependencies = [
  "anstream",
  "anstyle",
@@ -682,7 +671,7 @@ dependencies = [
  "anes",
  "cast",
  "ciborium",
- "clap 4.5.32",
+ "clap 4.5.36",
  "criterion-plot",
  "is-terminal",
  "itertools 0.10.5",
@@ -711,9 +700,9 @@ dependencies = [
 
 [[package]]
 name = "crossbeam-channel"
-version = "0.5.14"
+version = "0.5.15"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "06ba6d68e24814cb8de6bb986db8222d3a027d15872cabc0d18817bc3c0e4471"
+checksum = "82b8f8f868b36967f9606790d1903570de9ceaf870a7bf9fbbd3016d636a2cb2"
 dependencies = [
  "crossbeam-utils",
 ]
@@ -904,9 +893,9 @@ checksum = "877a4ace8713b0bcf2a4e7eec82529c029f1d0619886d18145fea96c3ffe5c0f"
 
 [[package]]
 name = "errno"
-version = "0.3.10"
+version = "0.3.11"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "33d852cb9b869c2a9b3df2f71a3074817f01e1844f839a144f5fcef059a4eb5d"
+checksum = "976dd42dc7e85965fe702eb8164f21f450704bdde31faefd6471dba214cb594e"
 dependencies = [
  "libc",
  "windows-sys 0.59.0",
@@ -944,9 +933,9 @@ checksum = "1d674e81391d1e1ab681a28d99df07927c6d4aa5b027d7da16ba32d1d21ecd99"
 
 [[package]]
 name = "flate2"
-version = "1.1.0"
+version = "1.1.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "11faaf5a5236997af9848be0bef4db95824b1d534ebc64d0f0c6cf3e67bd38dc"
+checksum = "7ced92e76e966ca2fd84c8f7aa01a4aea65b0eb6648d72f7c8f3e2764a67fece"
 dependencies = [
  "crc32fast",
  "libz-ng-sys",
@@ -1146,9 +1135,9 @@ checksum = "a8d1add55171497b4705a648c6b583acafb01d58050a51727785f0b2c8e0a2b2"
 
 [[package]]
 name = "h2"
-version = "0.4.8"
+version = "0.4.9"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5017294ff4bb30944501348f6f8e42e6ad28f42c8bbef7a74029aff064a4e3c2"
+checksum = "75249d144030531f8dee69fe9cea04d3edf809a017ae445e2abdff6629e86633"
 dependencies = [
  "atomic-waker",
  "bytes",
@@ -1156,7 +1145,7 @@ dependencies = [
  "futures-core",
  "futures-sink",
  "http",
- "indexmap 2.8.0",
+ "indexmap 2.9.0",
  "slab",
  "tokio",
  "tokio-util",
@@ -1165,9 +1154,9 @@ dependencies = [
 
 [[package]]
 name = "half"
-version = "2.5.0"
+version = "2.6.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "7db2ff139bba50379da6aa0766b52fdcb62cb5b263009b09ed58ba604e14bbd1"
+checksum = "459196ed295495a68f7d7fe1d84f6c4b7ff0e21fe3017b2f283c6fac3ad803c9"
 dependencies = [
  "cfg-if",
  "crunchy",
@@ -1178,9 +1167,6 @@ name = "hashbrown"
 version = "0.12.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "8a9ee70c43aaf417c914396645a0fa852624801b24ebb7ae78fe8272889ac888"
-dependencies = [
- "ahash 0.7.8",
-]
 
 [[package]]
 name = "hashbrown"
@@ -1352,9 +1338,9 @@ dependencies = [
 
 [[package]]
 name = "hyper-util"
-version = "0.1.10"
+version = "0.1.11"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "df2dcfbe0677734ab2f3ffa7fa7bfd4706bfdc1ef393f2ee30184aed67e631b4"
+checksum = "497bbc33a26fdd4af9ed9c70d63f61cf56a938375fbb32df34db9b1cd6d643f2"
 dependencies = [
  "bytes",
  "futures-channel",
@@ -1362,6 +1348,7 @@ dependencies = [
  "http",
  "http-body",
  "hyper",
+ "libc",
  "pin-project-lite",
  "socket2",
  "tokio",
@@ -1410,9 +1397,9 @@ dependencies = [
 
 [[package]]
 name = "icu_locid_transform_data"
-version = "1.5.0"
+version = "1.5.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "fdc8ff3388f852bede6b579ad4e978ab004f139284d7b28715f773507b946f6e"
+checksum = "7515e6d781098bf9f7205ab3fc7e9709d34554ae0b21ddbcb5febfa4bc7df11d"
 
 [[package]]
 name = "icu_normalizer"
@@ -1434,9 +1421,9 @@ dependencies = [
 
 [[package]]
 name = "icu_normalizer_data"
-version = "1.5.0"
+version = "1.5.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f8cafbf7aa791e9b22bec55a167906f9e1215fd475cd22adfcf660e03e989516"
+checksum = "c5e8338228bdc8ab83303f16b797e177953730f601a96c25d10cb3ab0daa0cb7"
 
 [[package]]
 name = "icu_properties"
@@ -1455,9 +1442,9 @@ dependencies = [
 
 [[package]]
 name = "icu_properties_data"
-version = "1.5.0"
+version = "1.5.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "67a8effbc3dd3e4ba1afa8ad918d5684b8868b3b26500753effea8d2eed19569"
+checksum = "85fb8799753b75aee8d2a21d7c14d9f38921b54b3dbda10f5a3c7a7b82dba5e2"
 
 [[package]]
 name = "icu_provider"
@@ -1526,9 +1513,9 @@ dependencies = [
 
 [[package]]
 name = "indexmap"
-version = "2.8.0"
+version = "2.9.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "3954d50fe15b02142bf25d3b8bdadb634ec3948f103d04ffe3031bc8fe9d7058"
+checksum = "cea70ddb795996207ad57735b50c5982d8844f38ba9ee5f1aedcfb708a2aa11e"
 dependencies = [
  "equivalent",
  "hashbrown 0.15.2",
@@ -1540,8 +1527,8 @@ version = "0.11.21"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "232929e1d75fe899576a3d5c7416ad0d88dbfbb3c3d6aa00873a7408a50ddb88"
 dependencies = [
- "ahash 0.8.11",
- "indexmap 2.8.0",
+ "ahash",
+ "indexmap 2.9.0",
  "is-terminal",
  "itoa",
  "log",
@@ -1616,10 +1603,11 @@ checksum = "4a5f13b858c8d314ee3e8f639011f7ccefe71f97f96e50151fb991f267928e2c"
 
 [[package]]
 name = "jobserver"
-version = "0.1.32"
+version = "0.1.33"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "48d1dbcbbeb6a7fec7e059840aa538bd62aaccf972c7346c4d9d2059312853d0"
+checksum = "38f262f097c174adebe41eb73d66ae9c06b2844fb0da69969647bbddd9b0538a"
 dependencies = [
+ "getrandom 0.3.2",
  "libc",
 ]
 
@@ -1721,9 +1709,9 @@ checksum = "d26c52dbd32dccf2d10cac7725f8eae5296885fb5703b261f7d0a0739ec807ab"
 
 [[package]]
 name = "linux-raw-sys"
-version = "0.9.3"
+version = "0.9.4"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "fe7db12097d22ec582439daf8618b8fdd1a7bef6270e9af3b1ebcd30893cf413"
+checksum = "cd945864f07fe9f5371a27ad7b52a172b4b499999f1d97574c9fa68373937e12"
 
 [[package]]
 name = "litemap"
@@ -1743,9 +1731,9 @@ dependencies = [
 
 [[package]]
 name = "log"
-version = "0.4.26"
+version = "0.4.27"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "30bde2b3dc3671ae49d8e2e9f044c7c005836e7a023ee57cffa25ab82764bb9e"
+checksum = "13dc2df351e3202783a1fe0d44375f7295ffb4049267b0f3018346dc122a1d94"
 
 [[package]]
 name = "logos"
@@ -1795,9 +1783,9 @@ dependencies = [
 
 [[package]]
 name = "lru"
-version = "0.13.0"
+version = "0.14.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "227748d55f2f0ab4735d87fd623798cb6b664512fe979705f829c9f81c934465"
+checksum = "9f8cc7106155f10bdf99a6f379688f543ad6596a415375b36a59a054ceda1198"
 dependencies = [
  "hashbrown 0.15.2",
 ]
@@ -1855,9 +1843,9 @@ dependencies = [
 
 [[package]]
 name = "miden-air"
-version = "0.13.0"
+version = "0.13.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "72269e041e915d6c34325a8906f08a8ff6ec9b92c79ae07f3a0de8c3588694b5"
+checksum = "00e2e77c57ae798e02553af158c04d467f6479ab798a8c84459d343a89ff9c50"
 dependencies = [
  "miden-core",
  "thiserror 2.0.12",
@@ -1867,9 +1855,9 @@ dependencies = [
 
 [[package]]
 name = "miden-assembly"
-version = "0.13.0"
+version = "0.13.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ce5680a0e75470389b65cc00900422ad7e1aa7972477c75ff88f63c3a01671e9"
+checksum = "75d1cb02d807c2481f365feca966bedb74c66c765923d04c3c23ea678afaf148"
 dependencies = [
  "aho-corasick",
  "lalrpop",
@@ -1913,9 +1901,9 @@ dependencies = [
 
 [[package]]
 name = "miden-core"
-version = "0.13.0"
+version = "0.13.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e8ba125a31e9ec0e732f47e639525c753973e553126cfc46cc63674049ea4134"
+checksum = "d7d408e01421b5df2e4cfaf1a91efefe3fb5b729f1c99b668d3a69eec0044a6b"
 dependencies = [
  "lock_api",
  "loom",
@@ -2046,9 +2034,9 @@ dependencies = [
 
 [[package]]
 name = "miden-processor"
-version = "0.13.0"
+version = "0.13.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "2e5f362138a7bfe6c20246de651e848566843a0d5062cc4a7a8ebff6bd14668d"
+checksum = "d4e70b053c587014396d06be3502e3952777923bee11729b7514c060fdc0d2c8"
 dependencies = [
  "miden-air",
  "miden-core",
@@ -2059,9 +2047,9 @@ dependencies = [
 
 [[package]]
 name = "miden-prover"
-version = "0.13.0"
+version = "0.13.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d6531711c8f3e25be9c607f82fc456594aba061acd3cde1df5d23eed88579340"
+checksum = "2baa571449e7811e934dae919285dfea4854fb867f6d20d757d60b0601ef0140"
 dependencies = [
  "miden-air",
  "miden-processor",
@@ -2077,7 +2065,7 @@ dependencies = [
  "async-trait",
  "axum 0.8.3",
  "bytes",
- "clap 4.5.32",
+ "clap 4.5.36",
  "miden-block-prover",
  "miden-lib",
  "miden-objects",
@@ -2135,9 +2123,9 @@ dependencies = [
 
 [[package]]
 name = "miden-stdlib"
-version = "0.13.1"
+version = "0.13.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "116d30a8db5167f88944509007b8bb7aad4fa0d9d03f2610b4e80be3a198ad37"
+checksum = "77e59c4dd1079bffe8407694b386ae781feaf1f7acb9d1cefa858578bc99cad4"
 dependencies = [
  "miden-assembly",
  "miden-core",
@@ -2181,9 +2169,9 @@ dependencies = [
 
 [[package]]
 name = "miden-verifier"
-version = "0.13.0"
+version = "0.13.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6ae6636d1e7a9d78a973fd59ffcfd87964eee235ecdf3264569add5ff89b0d91"
+checksum = "20ae024b022569d7117891a83cf51ccd5bceeda248f30690b394a6dfc4607061"
 dependencies = [
  "miden-air",
  "miden-core",
@@ -2231,9 +2219,9 @@ checksum = "6877bb514081ee2a7ff5ef9de3281f14a4dd4bceac4c09388074a6b5df8a139a"
 
 [[package]]
 name = "miniz_oxide"
-version = "0.8.5"
+version = "0.8.8"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8e3e04debbb59698c15bacbb6d93584a8c0ca9cc3213cb423d31f760d8843ce5"
+checksum = "3be647b768db090acb35d5ec5db2b0e1f1de11133ca123b9eacf5137868f892a"
 dependencies = [
  "adler2",
 ]
@@ -2417,9 +2405,9 @@ dependencies = [
 
 [[package]]
 name = "once_cell"
-version = "1.21.1"
+version = "1.21.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d75b0bedcc4fe52caa0e03d9f1151a323e4aa5e2d78ba3580400cd3c9e2bc4bc"
+checksum = "42f5e15c9953c5e4ccceeb2e7382a716482c34515315f7b03532b8b4e8393d2d"
 
 [[package]]
 name = "oorandom"
@@ -2429,9 +2417,9 @@ checksum = "d6790f58c7ff633d8771f42965289203411a5e5c68388703c06e14f24770b41e"
 
 [[package]]
 name = "openssl"
-version = "0.10.71"
+version = "0.10.72"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5e14130c6a98cd258fdcb0fb6d744152343ff729cbfcb28c656a9d12b999fbcd"
+checksum = "fedfea7d58a1f73118430a55da6a286e7b044961736ce96a16a17068ea25e5da"
 dependencies = [
  "bitflags 2.9.0",
  "cfg-if",
@@ -2461,9 +2449,9 @@ checksum = "d05e27ee213611ffe7d6348b942e8f942b37114c00cc03cec254295a4a17852e"
 
 [[package]]
 name = "openssl-sys"
-version = "0.9.106"
+version = "0.9.107"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8bb61ea9811cc39e3c2069f40b8b8e2e70d8569b361f879786cc7ed48b777cdd"
+checksum = "8288979acd84749c744a9014b4382d42b8f7b2592847b5afb2ed29e5d16ede07"
 dependencies = [
  "cc",
  "libc",
@@ -2473,9 +2461,9 @@ dependencies = [
 
 [[package]]
 name = "opentelemetry"
-version = "0.29.0"
+version = "0.29.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "768ee97dc5cd695a4dd4a69a0678fb42789666b5a89e8c0af48bb06c6e427120"
+checksum = "9e87237e2775f74896f9ad219d26a2081751187eb7c9f5c58dde20a23b95d16c"
 dependencies = [
  "futures-core",
  "futures-sink",
@@ -2617,7 +2605,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "b4c5cc86750666a3ed20bdaf5ca2a0344f9c67674cae0515bec2da16fbaa47db"
 dependencies = [
  "fixedbitset 0.4.2",
- "indexmap 2.8.0",
+ "indexmap 2.9.0",
 ]
 
 [[package]]
@@ -2627,7 +2615,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "3672b37090dbd86368a4145bc067582552b29c27377cad4e0a306c97f9bd7772"
 dependencies = [
  "fixedbitset 0.5.7",
- "indexmap 2.8.0",
+ "indexmap 2.9.0",
 ]
 
 [[package]]
@@ -2690,7 +2678,7 @@ version = "0.4.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "35ee62f28526d8d484621e77f8d6a1807f1bd07558a06ab5a204b4834d6be056"
 dependencies = [
- "ahash 0.8.11",
+ "ahash",
  "async-trait",
  "blake2",
  "bytes",
@@ -2725,7 +2713,7 @@ version = "0.4.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "d123320b69bd06e897fc16bd1dde962a7b488c4d2ae825683fbca0198fad8669"
 dependencies = [
- "ahash 0.8.11",
+ "ahash",
  "async-trait",
  "brotli",
  "bytes",
@@ -2816,7 +2804,7 @@ version = "0.4.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "dfcc8e3afeae5a83bbcd415d8d3bb50bea31d2eda2a91f79220b59abab86dd0f"
 dependencies = [
- "ahash 0.8.11",
+ "ahash",
 ]
 
 [[package]]
@@ -2848,7 +2836,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "cb50f65f06c4b81ccb3edcceaa54bb9439608506b0b3b8c048798169a64aad8e"
 dependencies = [
  "arrayvec",
- "hashbrown 0.12.3",
+ "hashbrown 0.15.2",
  "parking_lot",
  "rand 0.9.0",
 ]
@@ -2990,9 +2978,9 @@ checksum = "925383efa346730478fb4838dbe9137d2a47675ad789c546d150a6e1dd4ab31c"
 
 [[package]]
 name = "prettyplease"
-version = "0.2.31"
+version = "0.2.32"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5316f57387668042f561aae71480de936257848f9c43ce528e311d89a07cadeb"
+checksum = "664ec5419c51e34154eec046ebcba56312d5a2fc3b09a06da188e1ad21afadf6"
 dependencies = [
  "proc-macro2",
  "syn 2.0.100",
@@ -3268,9 +3256,9 @@ dependencies = [
 
 [[package]]
 name = "redox_syscall"
-version = "0.5.10"
+version = "0.5.11"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0b8c0c260b63a8219631167be35e6a988e9554dbd323f8bd08439c8ed1302bd1"
+checksum = "d2f103c6d277498fbceb16e84d317e2a400f160f46904d5f5410848c829511a3"
 dependencies = [
  "bitflags 2.9.0",
 ]
@@ -3458,9 +3446,9 @@ dependencies = [
 
 [[package]]
 name = "rust_decimal"
-version = "1.37.0"
+version = "1.37.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5c24af6e7ac43c88a8a458d1139d0246fdce2f6cd2f1ac6cb51eb88b29c978af"
+checksum = "faa7de2ba56ac291bd90c6b9bece784a52ae1411f9506544b3eae36dd2356d50"
 dependencies = [
  "arrayvec",
  "num-traits",
@@ -3505,22 +3493,22 @@ dependencies = [
 
 [[package]]
 name = "rustix"
-version = "1.0.3"
+version = "1.0.5"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e56a18552996ac8d29ecc3b190b4fdbb2d91ca4ec396de7bbffaf43f3d637e96"
+checksum = "d97817398dd4bb2e6da002002db259209759911da105da92bec29ccb12cf58bf"
 dependencies = [
  "bitflags 2.9.0",
  "errno",
  "libc",
- "linux-raw-sys 0.9.3",
+ "linux-raw-sys 0.9.4",
  "windows-sys 0.59.0",
 ]
 
 [[package]]
 name = "rustls"
-version = "0.23.25"
+version = "0.23.26"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "822ee9188ac4ec04a2f0531e55d035fb2de73f18b41a63c70c2712503b6fb13c"
+checksum = "df51b5869f3a441595eac5e8ff14d486ff285f7b8c0df8770e49c3b56351f0f0"
 dependencies = [
  "once_cell",
  "rustls-pki-types",
@@ -3546,9 +3534,9 @@ checksum = "917ce264624a4b4db1c364dcc35bfca9ded014d0a958cd47ad3e960e988ea51c"
 
 [[package]]
 name = "rustls-webpki"
-version = "0.103.0"
+version = "0.103.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0aa4eeac2588ffff23e9d7a7e9b3f971c5fb5b7ebc9452745e0c232c64f83b2f"
+checksum = "fef8b8769aaccf73098557a87cd1816b4f9c7c16811c9c77142aa695c16f2c03"
 dependencies = [
  "ring",
  "rustls-pki-types",
@@ -3697,7 +3685,7 @@ version = "1.0.140"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "20068b6e96dc6c9bd23e01df8827e6c7e1f2fddd43c21810382803c136b99373"
 dependencies = [
- "indexmap 2.8.0",
+ "indexmap 2.9.0",
  "itoa",
  "memchr",
  "ryu",
@@ -3764,7 +3752,7 @@ version = "0.9.4"
 source = "git+https://github.com/undef1nd/sfv.git?tag=v0.9.4#e6499d8ce11271dd0a4c1f72445775a58b835a56"
 dependencies = [
  "data-encoding",
- "indexmap 2.8.0",
+ "indexmap 2.9.0",
  "rust_decimal",
 ]
 
@@ -3819,9 +3807,9 @@ dependencies = [
 
 [[package]]
 name = "smallvec"
-version = "1.14.0"
+version = "1.15.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "7fcf8323ef1faaee30a44a340193b1ac6814fd9b7b4e88e9d4519a3e4abe1cfd"
+checksum = "8917285742e9f3e1683f0a9c4e6b57960b7314d0b08d30d1ecd426713ee2eee9"
 
 [[package]]
 name = "smawk"
@@ -3831,9 +3819,9 @@ checksum = "b7c388c1b5e93756d0c740965c41e8822f866621d41acbdf6336a6a168f8840c"
 
 [[package]]
 name = "socket2"
-version = "0.5.8"
+version = "0.5.9"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "c970269d99b64e60ec3bd6ad27270092a5394c4e309314b18ae3fe575695fbe8"
+checksum = "4f5fd57c80058a56cf5c777ab8a126398ece8e442983605d280a44ce79d0edef"
 dependencies = [
  "libc",
  "windows-sys 0.52.0",
@@ -3859,9 +3847,9 @@ checksum = "9091b6114800a5f2141aee1d1b9d6ca3592ac062dc5decb3764ec5895a47b4eb"
 
 [[package]]
 name = "string_cache"
-version = "0.8.8"
+version = "0.8.9"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "938d512196766101d333398efde81bc1f37b00cb42c2f8350e5df639f040bbbe"
+checksum = "bf776ba3fa74f83bf4b63c3dcbbf82173db2632ed8452cb2d891d33f459de70f"
 dependencies = [
  "new_debug_unreachable",
  "parking_lot",
@@ -3941,9 +3929,9 @@ checksum = "b7401a30af6cb5818bb64852270bb722533397edcfc7344954a38f420819ece2"
 
 [[package]]
 name = "symbolic-common"
-version = "12.14.1"
+version = "12.15.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "66135c8273581acaab470356f808a1c74a707fe7ec24728af019d7247e089e71"
+checksum = "cb426702a1ee7c1d2ebf3b6fac2e67fde84f6d6396e581826e3f055d1bffb2a4"
 dependencies = [
  "debugid",
  "memmap2",
@@ -3953,9 +3941,9 @@ dependencies = [
 
 [[package]]
 name = "symbolic-demangle"
-version = "12.14.1"
+version = "12.15.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "42bcacd080282a72e795864660b148392af7babd75691d5ae9a3b77e29c98c77"
+checksum = "d4671b7ae11875cb9c34348d2df6c5d1edd51f4c98ec45f591acb593ac8af8e0"
 dependencies = [
  "rustc-demangle",
  "symbolic-common",
@@ -4039,7 +4027,7 @@ dependencies = [
  "fastrand",
  "getrandom 0.3.2",
  "once_cell",
- "rustix 1.0.3",
+ "rustix 1.0.5",
  "windows-sys 0.59.0",
 ]
 
@@ -4079,7 +4067,7 @@ version = "0.4.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "45c6481c4829e4cc63825e62c49186a34538b7b2750b73b266581ffb612fb5ed"
 dependencies = [
- "rustix 1.0.3",
+ "rustix 1.0.5",
  "windows-sys 0.59.0",
 ]
 
@@ -4185,9 +4173,9 @@ dependencies = [
 
 [[package]]
 name = "tokio"
-version = "1.44.1"
+version = "1.44.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f382da615b842244d4b8738c82ed1275e6c5dd90c459a30941cd07080b06c91a"
+checksum = "e6b88822cbe49de4185e3a4cbf8321dd487cf5fe0c5c65695fef6346371e9c48"
 dependencies = [
  "backtrace",
  "bytes",
@@ -4296,7 +4284,7 @@ version = "0.22.24"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "17b4795ff5edd201c7cd6dca065ae59972ce77d1b80fa0a84d94950ece7d1474"
 dependencies = [
- "indexmap 2.8.0",
+ "indexmap 2.9.0",
  "serde",
  "serde_spanned",
  "toml_datetime",
@@ -5208,9 +5196,9 @@ checksum = "271414315aff87387382ec3d271b52d7ae78726f5d44ac98b4f4030c91880486"
 
 [[package]]
 name = "winnow"
-version = "0.7.4"
+version = "0.7.6"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0e97b544156e9bebe1a0ffbc03484fc1ffe3100cbce3ffb17eac35f7cdd7ab36"
+checksum = "63d3fcd9bba44b03821e7d699eeee959f3126dcc4aa8e4ae18ec617c2a5cea10"
 dependencies = [
  "memchr",
 ]
diff --git a/bin/bench-tx/bench-tx.json b/bin/bench-tx/bench-tx.json
index ea7c983c3a..9937b335b4 100644
--- a/bin/bench-tx/bench-tx.json
+++ b/bin/bench-tx/bench-tx.json
@@ -1,21 +1,21 @@
 {
   "simple": {
-    "prologue": 4378,
-    "notes_processing": 2310,
+    "prologue": 4380,
+    "notes_processing": 2307,
     "note_execution": {
-      "0x21b44377de8dd01d136a70800cb66bb08f0a2e7b70f77a8781fad1719baf145a": 1489,
-      "0xa7394456a1ba2808b1d27c6f91e9830ccd9d0e3e128bc5fcb632c74cca3d487b": 781
+      "0x21b44377de8dd01d136a70800cb66bb08f0a2e7b70f77a8781fad1719baf145a": 1487,
+      "0xa7394456a1ba2808b1d27c6f91e9830ccd9d0e3e128bc5fcb632c74cca3d487b": 779
     },
-    "tx_script_processing": 46,
-    "epilogue": 2383
+    "tx_script_processing": 45,
+    "epilogue": 2385
   },
   "p2id": {
-    "prologue": 2653,
-    "notes_processing": 1279,
+    "prologue": 2655,
+    "notes_processing": 1277,
     "note_execution": {
-      "0xce602ae68983c400dd1fb71154e6c752174da8809e8c107a0edff6a3a96618a4": 1246
+      "0xce602ae68983c400dd1fb71154e6c752174da8809e8c107a0edff6a3a96618a4": 1244
     },
-    "tx_script_processing": 60872,
-    "epilogue": 430
+    "tx_script_processing": 60871,
+    "epilogue": 432
   }
 }
\ No newline at end of file
diff --git a/crates/miden-lib/asm/kernels/transaction/lib/account.masm b/crates/miden-lib/asm/kernels/transaction/lib/account.masm
index 2f775f7d8d..031ba18ef8 100644
--- a/crates/miden-lib/asm/kernels/transaction/lib/account.masm
+++ b/crates/miden-lib/asm/kernels/transaction/lib/account.masm
@@ -10,49 +10,49 @@ use.kernel::memory
 # ERRORS
 # =================================================================================================
 
-# Account nonce cannot be increased by a greater than u32 value
+# Account nonce cannot be increased by a greater than u32 value.
 const.ERR_ACCOUNT_NONCE_INCREASE_MUST_BE_U32=0x0002014a
 
-# Account code must be updatable for it to be possible to set new code
+# Account code must be updatable for it to be possible to set new code.
 const.ERR_ACCOUNT_CODE_IS_NOT_UPDATABLE=0x00020142
 
-# Anchor block commitment must not be empty
+# Anchor block commitment must not be empty.
 const.ERR_ACCOUNT_ANCHOR_BLOCK_COMMITMENT_MUST_NOT_BE_EMPTY=0x00020140
 
-# ID of the new account does not match the ID computed from the seed and anchor block commitment
+# ID of the new account does not match the ID computed from the seed and anchor block commitment.
 const.ERR_ACCOUNT_SEED_ANCHOR_BLOCK_COMMITMENT_DIGEST_MISMATCH=0x0002014e
 
-# Failed to write an account value item to a non-value storage slot
+# Failed to write an account value item to a non-value storage slot.
 const.ERR_ACCOUNT_SETTING_VALUE_ITEM_ON_NON_VALUE_SLOT=0x00020150
 
-# Failed to write an account map item to a non-map storage slot
+# Failed to write an account map item to a non-map storage slot.
 const.ERR_ACCOUNT_SETTING_MAP_ITEM_ON_NON_MAP_SLOT=0x0002014f
 
-# Account procedure is not part of the account code
+# Account procedure is not part of the account code.
 const.ERR_ACCOUNT_PROC_NOT_PART_OF_ACCOUNT_CODE=0x0002014c
 
-# Provided procedure index is out of bounds
+# Provided procedure index is out of bounds.
 const.ERR_ACCOUNT_PROC_INDEX_OUT_OF_BOUNDS=0x0002014b
 
-# Provided storage slot index is out of bounds
+# Provided storage slot index is out of bounds.
 const.ERR_ACCOUNT_STORAGE_SLOT_INDEX_OUT_OF_BOUNDS=0x00020152
 
-# Storage offset is invalid for a faucet account (0 is prohibited as it is the reserved data slot for faucets)
+# Storage offset is invalid for a faucet account (0 is prohibited as it is the reserved data slot for faucets).
 const.ERR_FAUCET_INVALID_STORAGE_OFFSET=0x000201c2
 
-# Computed account code commitment does not match recorded account code commitment
+# Computed account code commitment does not match recorded account code commitment.
 const.ERR_ACCOUNT_CODE_COMMITMENT_MISMATCH=0x00020141
 
-# Number of account procedures exceeds the maximum limit of 256
+# Number of account procedures exceeds the maximum limit of 256.
 const.ERR_ACCOUNT_TOO_MANY_PROCEDURES=0x00020153
 
-# Number of account storage slots exceeds the maximum limit of 255
+# Number of account storage slots exceeds the maximum limit of 255.
 const.ERR_ACCOUNT_TOO_MANY_STORAGE_SLOTS=0x00020154
 
-# Computed account storage commitment does not match recorded account storage commitment
+# Computed account storage commitment does not match recorded account storage commitment.
 const.ERR_ACCOUNT_STORAGE_COMMITMENT_MISMATCH=0x00020151
 
-# Storage offset is invalid for 0 storage size (should be 0)
+# Storage offset is invalid for 0 storage size (should be 0).
 const.ERR_ACCOUNT_INVALID_STORAGE_OFFSET_FOR_SIZE=0x00020147
 
 # ID of the provided foreign account equals zero.
@@ -73,7 +73,7 @@ const.ERR_ACCOUNT_ID_EPOCH_MUST_BE_LESS_THAN_U16_MAX=0x00020143
 # Unknown account storage mode in account ID.
 const.ERR_ACCOUNT_ID_UNKNOWN_STORAGE_MODE=0x00020145
 
-# Failed to read an account map item from a non-map storage slot
+# Failed to read an account map item from a non-map storage slot.
 const.ERR_ACCOUNT_READING_MAP_VALUE_FROM_NON_MAP_SLOT=0x0002014d
 
 # CONSTANTS
diff --git a/crates/miden-lib/asm/kernels/transaction/main.masm b/crates/miden-lib/asm/kernels/transaction/main.masm
index dcafc98e7d..9924034756 100644
--- a/crates/miden-lib/asm/kernels/transaction/main.masm
+++ b/crates/miden-lib/asm/kernels/transaction/main.masm
@@ -5,33 +5,33 @@ use.kernel::memory
 use.kernel::note
 use.kernel::prologue
 
-# TRACES
+# EVENTS
 # =================================================================================================
 
-# Trace emitted to signal that an execution of the transaction prologue has started.
-const.PROLOGUE_START=131072
-# Trace emitted to signal that an execution of the transaction prologue has ended.
-const.PROLOGUE_END=131073
+# Event emitted to signal that an execution of the transaction prologue has started.
+const.PROLOGUE_START=131088
+# Event emitted to signal that an execution of the transaction prologue has ended.
+const.PROLOGUE_END=131089
 
-# Trace emitted to signal that the notes processing has started.
-const.NOTES_PROCESSING_START=131074
-# Trace emitted to signal that the notes processing has ended.
-const.NOTES_PROCESSING_END=131075
+# Event emitted to signal that the notes processing has started.
+const.NOTES_PROCESSING_START=131090
+# Event emitted to signal that the notes processing has ended.
+const.NOTES_PROCESSING_END=131091
 
-# Trace emitted to signal that the note consuming has started.
-const.NOTE_EXECUTION_START=131076
-# Trace emitted to signal that the note consuming has ended.
-const.NOTE_EXECUTION_END=131077
+# Event emitted to signal that the note consuming has started.
+const.NOTE_EXECUTION_START=131092
+# Event emitted to signal that the note consuming has ended.
+const.NOTE_EXECUTION_END=131093
 
-# Trace emitted to signal that the transaction script processing has started.
-const.TX_SCRIPT_PROCESSING_START=131078
-# Trace emitted to signal that the transaction script processing has ended.
-const.TX_SCRIPT_PROCESSING_END=131079
+# Event emitted to signal that the transaction script processing has started.
+const.TX_SCRIPT_PROCESSING_START=131094
+# Event emitted to signal that the transaction script processing has ended.
+const.TX_SCRIPT_PROCESSING_END=131095
 
-# Trace emitted to signal that an execution of the transaction epilogue has started.
-const.EPILOGUE_START=131080
-# Trace emitted to signal that an execution of the transaction epilogue has ended.
-const.EPILOGUE_END=131081
+# Event emitted to signal that an execution of the transaction epilogue has started.
+const.EPILOGUE_START=131096
+# Event emitted to signal that an execution of the transaction epilogue has ended.
+const.EPILOGUE_END=131097
 
 # MAIN
 # =================================================================================================
@@ -67,23 +67,18 @@ const.EPILOGUE_END=131081
 proc.main.1
     # Prologue
     # ---------------------------------------------------------------------------------------------
-    # use `push.* drop` instructions before `trace` to make sure that MAST root will be unique
-    push.91683607 drop
-    trace.PROLOGUE_START
+    
+    emit.PROLOGUE_START
 
     exec.prologue::prepare_transaction
     # => []
 
-    # use `push.* drop` instructions before `trace` to make sure that MAST root will be unique
-    push.3551582517 drop
-    trace.PROLOGUE_END
+    emit.PROLOGUE_END
 
     # Note Processing
     # ---------------------------------------------------------------------------------------------
-
-    # use `push.* drop` instructions before `trace` to make sure that MAST root will be unique
-    push.1597639019 drop
-    trace.NOTES_PROCESSING_START
+    
+    emit.NOTES_PROCESSING_START
 
     exec.memory::get_num_input_notes
     # => [num_input_notes]
@@ -96,9 +91,7 @@ proc.main.1
     # => [should_loop]
 
     while.true
-        # use `push.* drop` instructions before `trace` to make sure that MAST root will be unique
-        push.1161965828 drop
-        trace.NOTE_EXECUTION_START
+        emit.NOTE_EXECUTION_START
         # => []
 
         exec.note::prepare_note
@@ -119,24 +112,18 @@ proc.main.1
         loc_load.0 neq
         # => [should_loop]
 
-        # use `push.* drop` instructions before `trace` to make sure that MAST root will be unique
-        push.1680624729 drop
-        trace.NOTE_EXECUTION_END
+        emit.NOTE_EXECUTION_END
     end
 
     exec.note::note_processing_teardown
     # => []
 
-    # use `push.* drop` instructions before `trace` to make sure that MAST root will be unique
-    push.920581323 drop
-    trace.NOTES_PROCESSING_END
+    emit.NOTES_PROCESSING_END
 
     # Transaction Script Processing
     # ---------------------------------------------------------------------------------------------
-
-    # use `push.* drop` instructions before `trace` to make sure that MAST root will be unique
-    push.4103684209 drop
-    trace.TX_SCRIPT_PROCESSING_START
+    
+    emit.TX_SCRIPT_PROCESSING_START
 
     # get the memory address of the transaction script root and load it to the stack
     exec.memory::get_tx_script_root_ptr
@@ -160,16 +147,12 @@ proc.main.1
         # => []
     end
 
-    # use `push.* drop` instructions before `trace` to make sure that MAST root will be unique
-    push.1155406220 drop
-    trace.TX_SCRIPT_PROCESSING_END
+    emit.TX_SCRIPT_PROCESSING_END
 
     # Epilogue
     # ---------------------------------------------------------------------------------------------
 
-    # use `push.* drop` instructions before `trace` to make sure that MAST root will be unique
-    push.1887961092 drop
-    trace.EPILOGUE_START
+    emit.EPILOGUE_START
 
     # execute the transaction epilogue
     exec.epilogue::finalize_transaction
@@ -178,9 +161,7 @@ proc.main.1
     # truncate the stack
     movupw.3 dropw movupw.3 dropw movup.9 drop
 
-    # use `push.* drop` instructions before `trace` to make sure that MAST root will be unique
-    push.3456069754 drop
-    trace.EPILOGUE_END
+    emit.EPILOGUE_END
     # => [OUTPUT_NOTES_COMMITMENT, FINAL_ACCOUNT_COMMITMENT, tx_expiration_block_num]
 end
 
diff --git a/crates/miden-lib/asm/shared/util/account_id.masm b/crates/miden-lib/asm/shared/util/account_id.masm
index 23ffc4f38b..5481f8d5c6 100644
--- a/crates/miden-lib/asm/shared/util/account_id.masm
+++ b/crates/miden-lib/asm/shared/util/account_id.masm
@@ -13,7 +13,7 @@ const.ERR_ACCOUNT_ID_UNKNOWN_STORAGE_MODE=0x00020145
 # Least significant byte of the account ID suffix must be zero.
 const.ERR_ACCOUNT_ID_LEAST_SIGNIFICANT_BYTE_MUST_BE_ZERO=0x00020144
 
-# Provided storage slot index is out of bounds
+# Provided storage slot index is out of bounds.
 const.ERR_ACCOUNT_STORAGE_SLOT_INDEX_OUT_OF_BOUNDS=0x00020152
 
 # The account ID must have storage mode public if the network flag is set.
diff --git a/crates/miden-lib/build.rs b/crates/miden-lib/build.rs
index 7aec2f3434..f2919b7aee 100644
--- a/crates/miden-lib/build.rs
+++ b/crates/miden-lib/build.rs
@@ -54,7 +54,7 @@ const TX_KERNEL_ERROR_CATEGORIES: [TxKernelErrorCategory; 11] = [
     TxKernelErrorCategory::ForeignAccount,
     TxKernelErrorCategory::Faucet,
     TxKernelErrorCategory::FungibleAsset,
-    TxKernelErrorCategory::NonFugibleAsset,
+    TxKernelErrorCategory::NonFungibleAsset,
     TxKernelErrorCategory::Vault,
 ];
 
@@ -839,7 +839,7 @@ enum TxKernelErrorCategory {
     ForeignAccount,
     Faucet,
     FungibleAsset,
-    NonFugibleAsset,
+    NonFungibleAsset,
     Vault,
 }
 
@@ -855,7 +855,7 @@ impl TxKernelErrorCategory {
             TxKernelErrorCategory::ForeignAccount => 0x2_0180..0x2_01c0,
             TxKernelErrorCategory::Faucet => 0x2_01c0..0x2_0200,
             TxKernelErrorCategory::FungibleAsset => 0x2_0200..0x2_0240,
-            TxKernelErrorCategory::NonFugibleAsset => 0x2_0240..0x2_0280,
+            TxKernelErrorCategory::NonFungibleAsset => 0x2_0240..0x2_0280,
             TxKernelErrorCategory::Vault => 0x2_0280..0x2_02c0,
         }
     }
@@ -871,7 +871,7 @@ impl TxKernelErrorCategory {
             TxKernelErrorCategory::ForeignAccount => "FOREIGN_ACCOUNT",
             TxKernelErrorCategory::Faucet => "FAUCET",
             TxKernelErrorCategory::FungibleAsset => "FUNGIBLE_ASSET",
-            TxKernelErrorCategory::NonFugibleAsset => "NON_FUNGIBLE_ASSET",
+            TxKernelErrorCategory::NonFungibleAsset => "NON_FUNGIBLE_ASSET",
             TxKernelErrorCategory::Vault => "VAULT",
         }
     }
diff --git a/crates/miden-lib/src/account/interface/mod.rs b/crates/miden-lib/src/account/interface/mod.rs
index a8341de927..a71d9cdf2c 100644
--- a/crates/miden-lib/src/account/interface/mod.rs
+++ b/crates/miden-lib/src/account/interface/mod.rs
@@ -316,6 +316,8 @@ pub enum NoteAccountCompatibility {
     /// The account has all necessary procedures of one execution branch of the note script. This
     /// means the note may be able to be consumed by the account if that branch is executed.
     Maybe,
+    /// A note could be successfully executed and consumed by the account.
+    Yes,
 }
 
 // HELPER FUNCTIONS
diff --git a/crates/miden-lib/src/errors/tx_kernel_errors.rs b/crates/miden-lib/src/errors/tx_kernel_errors.rs
index fdb97674a4..b01f4db019 100644
--- a/crates/miden-lib/src/errors/tx_kernel_errors.rs
+++ b/crates/miden-lib/src/errors/tx_kernel_errors.rs
@@ -95,11 +95,11 @@ pub const ERR_NOTE_TAG_MUST_BE_U32: u32 = 0x20109;
 /// Network execution mode with a specific target can only target network accounts.
 pub const ERR_NOTE_NETWORK_EXECUTION_DOES_NOT_TARGET_NETWORK_ACCOUNT: u32 = 0x2010a;
 
-/// Anchor block commitment must not be empty
+/// Anchor block commitment must not be empty.
 pub const ERR_ACCOUNT_ANCHOR_BLOCK_COMMITMENT_MUST_NOT_BE_EMPTY: u32 = 0x20140;
-/// Computed account code commitment does not match recorded account code commitment
+/// Computed account code commitment does not match recorded account code commitment.
 pub const ERR_ACCOUNT_CODE_COMMITMENT_MISMATCH: u32 = 0x20141;
-/// Account code must be updatable for it to be possible to set new code
+/// Account code must be updatable for it to be possible to set new code.
 pub const ERR_ACCOUNT_CODE_IS_NOT_UPDATABLE: u32 = 0x20142;
 /// Epoch must be less than u16::MAX (0xffff).
 pub const ERR_ACCOUNT_ID_EPOCH_MUST_BE_LESS_THAN_U16_MAX: u32 = 0x20143;
@@ -109,33 +109,33 @@ pub const ERR_ACCOUNT_ID_LEAST_SIGNIFICANT_BYTE_MUST_BE_ZERO: u32 = 0x20144;
 pub const ERR_ACCOUNT_ID_UNKNOWN_STORAGE_MODE: u32 = 0x20145;
 /// Unknown version in account ID.
 pub const ERR_ACCOUNT_ID_UNKNOWN_VERSION: u32 = 0x20146;
-/// Storage offset is invalid for 0 storage size (should be 0)
+/// Storage offset is invalid for 0 storage size (should be 0).
 pub const ERR_ACCOUNT_INVALID_STORAGE_OFFSET_FOR_SIZE: u32 = 0x20147;
 /// The current account is not native
 pub const ERR_ACCOUNT_IS_NOT_NATIVE: u32 = 0x20148;
 /// Account nonce did not increase after a state changing transaction
 pub const ERR_ACCOUNT_NONCE_DID_NOT_INCREASE_AFTER_STATE_CHANGE: u32 = 0x20149;
-/// Account nonce cannot be increased by a greater than u32 value
+/// Account nonce cannot be increased by a greater than u32 value.
 pub const ERR_ACCOUNT_NONCE_INCREASE_MUST_BE_U32: u32 = 0x2014a;
-/// Provided procedure index is out of bounds
+/// Provided procedure index is out of bounds.
 pub const ERR_ACCOUNT_PROC_INDEX_OUT_OF_BOUNDS: u32 = 0x2014b;
-/// Account procedure is not part of the account code
+/// Account procedure is not part of the account code.
 pub const ERR_ACCOUNT_PROC_NOT_PART_OF_ACCOUNT_CODE: u32 = 0x2014c;
-/// Failed to read an account map item from a non-map storage slot
+/// Failed to read an account map item from a non-map storage slot.
 pub const ERR_ACCOUNT_READING_MAP_VALUE_FROM_NON_MAP_SLOT: u32 = 0x2014d;
-/// ID of the new account does not match the ID computed from the seed and anchor block commitment
+/// ID of the new account does not match the ID computed from the seed and anchor block commitment.
 pub const ERR_ACCOUNT_SEED_ANCHOR_BLOCK_COMMITMENT_DIGEST_MISMATCH: u32 = 0x2014e;
-/// Failed to write an account map item to a non-map storage slot
+/// Failed to write an account map item to a non-map storage slot.
 pub const ERR_ACCOUNT_SETTING_MAP_ITEM_ON_NON_MAP_SLOT: u32 = 0x2014f;
-/// Failed to write an account value item to a non-value storage slot
+/// Failed to write an account value item to a non-value storage slot.
 pub const ERR_ACCOUNT_SETTING_VALUE_ITEM_ON_NON_VALUE_SLOT: u32 = 0x20150;
-/// Computed account storage commitment does not match recorded account storage commitment
+/// Computed account storage commitment does not match recorded account storage commitment.
 pub const ERR_ACCOUNT_STORAGE_COMMITMENT_MISMATCH: u32 = 0x20151;
-/// Provided storage slot index is out of bounds
+/// Provided storage slot index is out of bounds.
 pub const ERR_ACCOUNT_STORAGE_SLOT_INDEX_OUT_OF_BOUNDS: u32 = 0x20152;
-/// Number of account procedures exceeds the maximum limit of 256
+/// Number of account procedures exceeds the maximum limit of 256.
 pub const ERR_ACCOUNT_TOO_MANY_PROCEDURES: u32 = 0x20153;
-/// Number of account storage slots exceeds the maximum limit of 255
+/// Number of account storage slots exceeds the maximum limit of 255.
 pub const ERR_ACCOUNT_TOO_MANY_STORAGE_SLOTS: u32 = 0x20154;
 /// Depth of the nested FPI calls exceeded 64
 pub const ERR_ACCOUNT_STACK_OVERFLOW: u32 = 0x20155;
@@ -157,7 +157,7 @@ pub const ERR_FOREIGN_ACCOUNT_MAX_NUMBER_EXCEEDED: u32 = 0x20183;
 pub const ERR_FAUCET_BURN_CANNOT_EXCEED_EXISTING_TOTAL_SUPPLY: u32 = 0x201c0;
 /// The burn_non_fungible_asset procedure can only be called on a non-fungible faucet
 pub const ERR_FAUCET_BURN_NON_FUNGIBLE_ASSET_CAN_ONLY_BE_CALLED_ON_NON_FUNGIBLE_FAUCET: u32 = 0x201c1;
-/// Storage offset is invalid for a faucet account (0 is prohibited as it is the reserved data slot for faucets)
+/// Storage offset is invalid for a faucet account (0 is prohibited as it is the reserved data slot for faucets).
 pub const ERR_FAUCET_INVALID_STORAGE_OFFSET: u32 = 0x201c2;
 /// The faucet_is_non_fungible_asset_issued procedure can only be called on a non-fungible faucet
 pub const ERR_FAUCET_IS_NF_ASSET_ISSUED_PROC_CAN_ONLY_BE_CALLED_ON_NON_FUNGIBLE_FAUCET: u32 = 0x201c3;
@@ -254,27 +254,27 @@ pub const TX_KERNEL_ERRORS: [(u32, &str); 90] = [
     (ERR_NOTE_TAG_MUST_BE_U32, "The note's tag must fit into a u32 so the 32 most significant bits must be zero."),
     (ERR_NOTE_NETWORK_EXECUTION_DOES_NOT_TARGET_NETWORK_ACCOUNT, "Network execution mode with a specific target can only target network accounts."),
 
-    (ERR_ACCOUNT_ANCHOR_BLOCK_COMMITMENT_MUST_NOT_BE_EMPTY, "Anchor block commitment must not be empty"),
-    (ERR_ACCOUNT_CODE_COMMITMENT_MISMATCH, "Computed account code commitment does not match recorded account code commitment"),
-    (ERR_ACCOUNT_CODE_IS_NOT_UPDATABLE, "Account code must be updatable for it to be possible to set new code"),
+    (ERR_ACCOUNT_ANCHOR_BLOCK_COMMITMENT_MUST_NOT_BE_EMPTY, "Anchor block commitment must not be empty."),
+    (ERR_ACCOUNT_CODE_COMMITMENT_MISMATCH, "Computed account code commitment does not match recorded account code commitment."),
+    (ERR_ACCOUNT_CODE_IS_NOT_UPDATABLE, "Account code must be updatable for it to be possible to set new code."),
     (ERR_ACCOUNT_ID_EPOCH_MUST_BE_LESS_THAN_U16_MAX, "Epoch must be less than u16::MAX (0xffff)."),
     (ERR_ACCOUNT_ID_LEAST_SIGNIFICANT_BYTE_MUST_BE_ZERO, "Least significant byte of the account ID suffix must be zero."),
     (ERR_ACCOUNT_ID_UNKNOWN_STORAGE_MODE, "Unknown account storage mode in account ID."),
     (ERR_ACCOUNT_ID_UNKNOWN_VERSION, "Unknown version in account ID."),
-    (ERR_ACCOUNT_INVALID_STORAGE_OFFSET_FOR_SIZE, "Storage offset is invalid for 0 storage size (should be 0)"),
+    (ERR_ACCOUNT_INVALID_STORAGE_OFFSET_FOR_SIZE, "Storage offset is invalid for 0 storage size (should be 0)."),
     (ERR_ACCOUNT_IS_NOT_NATIVE, "The current account is not native"),
     (ERR_ACCOUNT_NONCE_DID_NOT_INCREASE_AFTER_STATE_CHANGE, "Account nonce did not increase after a state changing transaction"),
-    (ERR_ACCOUNT_NONCE_INCREASE_MUST_BE_U32, "Account nonce cannot be increased by a greater than u32 value"),
-    (ERR_ACCOUNT_PROC_INDEX_OUT_OF_BOUNDS, "Provided procedure index is out of bounds"),
-    (ERR_ACCOUNT_PROC_NOT_PART_OF_ACCOUNT_CODE, "Account procedure is not part of the account code"),
-    (ERR_ACCOUNT_READING_MAP_VALUE_FROM_NON_MAP_SLOT, "Failed to read an account map item from a non-map storage slot"),
-    (ERR_ACCOUNT_SEED_ANCHOR_BLOCK_COMMITMENT_DIGEST_MISMATCH, "ID of the new account does not match the ID computed from the seed and anchor block commitment"),
-    (ERR_ACCOUNT_SETTING_MAP_ITEM_ON_NON_MAP_SLOT, "Failed to write an account map item to a non-map storage slot"),
-    (ERR_ACCOUNT_SETTING_VALUE_ITEM_ON_NON_VALUE_SLOT, "Failed to write an account value item to a non-value storage slot"),
-    (ERR_ACCOUNT_STORAGE_COMMITMENT_MISMATCH, "Computed account storage commitment does not match recorded account storage commitment"),
-    (ERR_ACCOUNT_STORAGE_SLOT_INDEX_OUT_OF_BOUNDS, "Provided storage slot index is out of bounds"),
-    (ERR_ACCOUNT_TOO_MANY_PROCEDURES, "Number of account procedures exceeds the maximum limit of 256"),
-    (ERR_ACCOUNT_TOO_MANY_STORAGE_SLOTS, "Number of account storage slots exceeds the maximum limit of 255"),
+    (ERR_ACCOUNT_NONCE_INCREASE_MUST_BE_U32, "Account nonce cannot be increased by a greater than u32 value."),
+    (ERR_ACCOUNT_PROC_INDEX_OUT_OF_BOUNDS, "Provided procedure index is out of bounds."),
+    (ERR_ACCOUNT_PROC_NOT_PART_OF_ACCOUNT_CODE, "Account procedure is not part of the account code."),
+    (ERR_ACCOUNT_READING_MAP_VALUE_FROM_NON_MAP_SLOT, "Failed to read an account map item from a non-map storage slot."),
+    (ERR_ACCOUNT_SEED_ANCHOR_BLOCK_COMMITMENT_DIGEST_MISMATCH, "ID of the new account does not match the ID computed from the seed and anchor block commitment."),
+    (ERR_ACCOUNT_SETTING_MAP_ITEM_ON_NON_MAP_SLOT, "Failed to write an account map item to a non-map storage slot."),
+    (ERR_ACCOUNT_SETTING_VALUE_ITEM_ON_NON_VALUE_SLOT, "Failed to write an account value item to a non-value storage slot."),
+    (ERR_ACCOUNT_STORAGE_COMMITMENT_MISMATCH, "Computed account storage commitment does not match recorded account storage commitment."),
+    (ERR_ACCOUNT_STORAGE_SLOT_INDEX_OUT_OF_BOUNDS, "Provided storage slot index is out of bounds."),
+    (ERR_ACCOUNT_TOO_MANY_PROCEDURES, "Number of account procedures exceeds the maximum limit of 256."),
+    (ERR_ACCOUNT_TOO_MANY_STORAGE_SLOTS, "Number of account storage slots exceeds the maximum limit of 255."),
     (ERR_ACCOUNT_STACK_OVERFLOW, "Depth of the nested FPI calls exceeded 64"),
     (ERR_ACCOUNT_STACK_UNDERFLOW, "Failed to end foreign context because the current account is the native account"),
     (ERR_ACCOUNT_ID_NON_PUBLIC_NETWORK_ACCOUNT, "The account ID must have storage mode public if the network flag is set."),
@@ -286,7 +286,7 @@ pub const TX_KERNEL_ERRORS: [(u32, &str); 90] = [
 
     (ERR_FAUCET_BURN_CANNOT_EXCEED_EXISTING_TOTAL_SUPPLY, "Asset amount to burn can not exceed the existing total supply"),
     (ERR_FAUCET_BURN_NON_FUNGIBLE_ASSET_CAN_ONLY_BE_CALLED_ON_NON_FUNGIBLE_FAUCET, "The burn_non_fungible_asset procedure can only be called on a non-fungible faucet"),
-    (ERR_FAUCET_INVALID_STORAGE_OFFSET, "Storage offset is invalid for a faucet account (0 is prohibited as it is the reserved data slot for faucets)"),
+    (ERR_FAUCET_INVALID_STORAGE_OFFSET, "Storage offset is invalid for a faucet account (0 is prohibited as it is the reserved data slot for faucets)."),
     (ERR_FAUCET_IS_NF_ASSET_ISSUED_PROC_CAN_ONLY_BE_CALLED_ON_NON_FUNGIBLE_FAUCET, "The faucet_is_non_fungible_asset_issued procedure can only be called on a non-fungible faucet"),
     (ERR_FAUCET_NEW_TOTAL_SUPPLY_WOULD_EXCEED_MAX_ASSET_AMOUNT, "Asset mint operation would cause the new total supply to exceed the maximum allowed asset amount"),
     (ERR_FAUCET_NON_FUNGIBLE_ASSET_ALREADY_ISSUED, "Failed to mint new non-fungible asset because it was already issued"),
diff --git a/crates/miden-lib/src/note/well_known_note.rs b/crates/miden-lib/src/note/well_known_note.rs
index 93e6ea1a97..1ad1748e4b 100644
--- a/crates/miden-lib/src/note/well_known_note.rs
+++ b/crates/miden-lib/src/note/well_known_note.rs
@@ -1,6 +1,8 @@
 use miden_objects::{
-    Digest,
+    Digest, Felt,
+    account::AccountId,
     assembly::{ProcedureName, QualifiedProcedureName},
+    block::BlockNumber,
     note::{Note, NoteScript},
     utils::{Deserializable, sync::LazyLock},
     vm::Program,
@@ -8,7 +10,7 @@ use miden_objects::{
 
 use crate::account::{
     components::basic_wallet_library,
-    interface::{AccountComponentInterface, AccountInterface},
+    interface::{AccountComponentInterface, AccountInterface, NoteAccountCompatibility},
 };
 
 // WELL KNOWN NOTE SCRIPTS
@@ -76,6 +78,21 @@ pub enum WellKnownNote {
 }
 
 impl WellKnownNote {
+    // CONSTANTS
+    // --------------------------------------------------------------------------------------------
+
+    /// Expected number of inputs of the P2ID note.
+    const P2ID_NUM_INPUTS: usize = 2;
+
+    /// Expected number of inputs of the P2IDR note.
+    const P2IDR_NUM_INPUTS: usize = 3;
+
+    /// Expected number of inputs of the SWAP note.
+    const SWAP_NUM_INPUTS: usize = 10;
+
+    // CONSTRUCTOR
+    // --------------------------------------------------------------------------------------------
+
     /// Returns a [WellKnownNote] instance based on the note script of the provided [Note]. Returns
     /// `None` if the provided note is not a basic well-known note.
     pub fn from_note(note: &Note) -> Option<Self> {
@@ -94,6 +111,18 @@ impl WellKnownNote {
         None
     }
 
+    // PUBLIC ACCESSORS
+    // --------------------------------------------------------------------------------------------
+
+    /// Returns the expected inputs number of the current note.
+    pub fn num_expected_inputs(&self) -> usize {
+        match self {
+            Self::P2ID => Self::P2ID_NUM_INPUTS,
+            Self::P2IDR => Self::P2IDR_NUM_INPUTS,
+            Self::SWAP => Self::SWAP_NUM_INPUTS,
+        }
+    }
+
     /// Returns the note script of the current [WellKnownNote] instance.
     pub fn script(&self) -> NoteScript {
         match self {
@@ -145,4 +174,101 @@ impl WellKnownNote {
             },
         }
     }
+
+    /// Checks the correctness of the provided note inputs against the target account.
+    ///
+    /// It performs:
+    /// - for all notes: a check that note inputs have correct number of values.
+    /// - for `P2ID` note: assertion that the account ID provided by the note inputs is equal to the
+    ///   target account ID.
+    /// - for `P2IDR` note: assertion that the account ID provided by the note inputs is equal to
+    ///   the target account ID (which means that the note is going to be consumed by the target
+    ///   account) or that the target account ID is equal to the sender account ID (which means that
+    ///   the note is going to be consumed by the sender account)
+    pub fn check_note_inputs(
+        &self,
+        note: &Note,
+        target_account_id: AccountId,
+        block_ref: BlockNumber,
+    ) -> NoteAccountCompatibility {
+        match self {
+            WellKnownNote::P2ID => {
+                let note_inputs = note.inputs().values();
+                if note_inputs.len() != self.num_expected_inputs() {
+                    return NoteAccountCompatibility::No;
+                }
+
+                // Return `No` if the note input values used to construct the account ID are invalid
+                let Some(input_account_id) = try_read_account_id_from_inputs(note_inputs) else {
+                    return NoteAccountCompatibility::No;
+                };
+
+                // check that the account ID in the note inputs equal to the target account ID
+                if input_account_id == target_account_id {
+                    NoteAccountCompatibility::Yes
+                } else {
+                    NoteAccountCompatibility::No
+                }
+            },
+            WellKnownNote::P2IDR => {
+                let note_inputs = note.inputs().values();
+                if note_inputs.len() != self.num_expected_inputs() {
+                    return NoteAccountCompatibility::No;
+                }
+
+                let recall_height: Result<u32, _> = note_inputs[2].try_into();
+                // Return `No` if the note input value which represents the recall height is invalid
+                let Ok(recall_height) = recall_height else {
+                    return NoteAccountCompatibility::No;
+                };
+
+                // Return `No` if the note input values used to construct the account ID are invalid
+                let Some(input_account_id) = try_read_account_id_from_inputs(note_inputs) else {
+                    return NoteAccountCompatibility::No;
+                };
+
+                if block_ref.as_u32() >= recall_height {
+                    let sender_account_id = note.metadata().sender();
+                    // if the sender can already reclaim the assets back, then:
+                    // - target account ID could be equal to the inputs account ID if the note is
+                    //   going to be consumed by the target account
+                    // - target account ID could be equal to the sender account ID if the note is
+                    //   going to be consumed by the sender account
+                    if [input_account_id, sender_account_id].contains(&target_account_id) {
+                        NoteAccountCompatibility::Yes
+                    } else {
+                        NoteAccountCompatibility::No
+                    }
+                } else {
+                    // in this case note could be consumed only by the target account
+                    if input_account_id == target_account_id {
+                        NoteAccountCompatibility::Yes
+                    } else {
+                        NoteAccountCompatibility::No
+                    }
+                }
+            },
+            WellKnownNote::SWAP => {
+                if note.inputs().values().len() != self.num_expected_inputs() {
+                    return NoteAccountCompatibility::No;
+                }
+
+                NoteAccountCompatibility::Maybe
+            },
+        }
+    }
+}
+
+// HELPER FUNCTIONS
+// ================================================================================================
+
+/// Reads the account ID from the first two note input values.
+///
+/// Returns None if the note input values used to construct the account ID are invalid.
+fn try_read_account_id_from_inputs(note_inputs: &[Felt]) -> Option<AccountId> {
+    let account_id_felts: [Felt; 2] = note_inputs[0..2].try_into().expect(
+        "Should be able to convert the first two note inputs to an array of two Felt elements",
+    );
+
+    AccountId::try_from([account_id_felts[1], account_id_felts[0]]).ok()
 }
diff --git a/crates/miden-lib/src/transaction/events.rs b/crates/miden-lib/src/transaction/events.rs
index f3eccfa0bd..165459ec3d 100644
--- a/crates/miden-lib/src/transaction/events.rs
+++ b/crates/miden-lib/src/transaction/events.rs
@@ -1,6 +1,6 @@
 use core::fmt;
 
-use super::{TransactionEventError, TransactionTraceParsingError};
+use super::TransactionEventError;
 
 // CONSTANTS
 // ================================================================================================
@@ -33,6 +33,21 @@ const NOTE_AFTER_ADD_ASSET: u32 = 0x2_000e; // 131086
 
 const FALCON_SIG_TO_STACK: u32 = 0x2_000f; // 131087
 
+const PROLOGUE_START: u32 = 0x2_0010; // 131088
+const PROLOGUE_END: u32 = 0x2_0011; // 131089
+
+const NOTES_PROCESSING_START: u32 = 0x2_0012; // 131090
+const NOTES_PROCESSING_END: u32 = 0x2_0013; // 131091
+
+const NOTE_EXECUTION_START: u32 = 0x2_0014; // 131092
+const NOTE_EXECUTION_END: u32 = 0x2_0015; // 131093
+
+const TX_SCRIPT_PROCESSING_START: u32 = 0x2_0016; // 131094
+const TX_SCRIPT_PROCESSING_END: u32 = 0x2_0017; // 131095
+
+const EPILOGUE_START: u32 = 0x2_0018; // 131096
+const EPILOGUE_END: u32 = 0x2_0019; // 131097
+
 /// Events which may be emitted by a transaction kernel.
 ///
 /// The events are emitted via the `emit.<event_id>` instruction. The event ID is a 32-bit
@@ -67,6 +82,21 @@ pub enum TransactionEvent {
     NoteAfterAddAsset = NOTE_AFTER_ADD_ASSET,
 
     FalconSigToStack = FALCON_SIG_TO_STACK,
+
+    PrologueStart = PROLOGUE_START,
+    PrologueEnd = PROLOGUE_END,
+
+    NotesProcessingStart = NOTES_PROCESSING_START,
+    NotesProcessingEnd = NOTES_PROCESSING_END,
+
+    NoteExecutionStart = NOTE_EXECUTION_START,
+    NoteExecutionEnd = NOTE_EXECUTION_END,
+
+    TxScriptProcessingStart = TX_SCRIPT_PROCESSING_START,
+    TxScriptProcessingEnd = TX_SCRIPT_PROCESSING_END,
+
+    EpilogueStart = EPILOGUE_START,
+    EpilogueEnd = EPILOGUE_END,
 }
 
 impl TransactionEvent {
@@ -120,55 +150,22 @@ impl TryFrom<u32> for TransactionEvent {
 
             FALCON_SIG_TO_STACK => Ok(TransactionEvent::FalconSigToStack),
 
-            _ => Err(TransactionEventError::InvalidTransactionEvent(value)),
-        }
-    }
-}
-
-// TRANSACTION TRACE
-// ================================================================================================
+            PROLOGUE_START => Ok(TransactionEvent::PrologueStart),
+            PROLOGUE_END => Ok(TransactionEvent::PrologueEnd),
 
-#[repr(u32)]
-#[derive(Debug, Clone, Eq, PartialEq)]
-pub enum TransactionTrace {
-    PrologueStart = 0x2_0000,           // 131072
-    PrologueEnd = 0x2_0001,             // 131073
-    NotesProcessingStart = 0x2_0002,    // 131074
-    NotesProcessingEnd = 0x2_0003,      // 131075
-    NoteExecutionStart = 0x2_0004,      // 131076
-    NoteExecutionEnd = 0x2_0005,        // 131077
-    TxScriptProcessingStart = 0x2_0006, // 131078
-    TxScriptProcessingEnd = 0x2_0007,   // 131079
-    EpilogueStart = 0x2_0008,           // 131080
-    EpilogueEnd = 0x2_0009,             // 131081
-}
+            NOTES_PROCESSING_START => Ok(TransactionEvent::NotesProcessingStart),
+            NOTES_PROCESSING_END => Ok(TransactionEvent::NotesProcessingEnd),
 
-impl fmt::Display for TransactionTrace {
-    fn fmt(&self, f: &mut fmt::Formatter<'_>) -> fmt::Result {
-        write!(f, "{self:?}")
-    }
-}
+            NOTE_EXECUTION_START => Ok(TransactionEvent::NoteExecutionStart),
+            NOTE_EXECUTION_END => Ok(TransactionEvent::NoteExecutionEnd),
 
-impl TryFrom<u32> for TransactionTrace {
-    type Error = TransactionTraceParsingError;
+            TX_SCRIPT_PROCESSING_START => Ok(TransactionEvent::TxScriptProcessingStart),
+            TX_SCRIPT_PROCESSING_END => Ok(TransactionEvent::TxScriptProcessingEnd),
 
-    fn try_from(value: u32) -> Result<Self, Self::Error> {
-        if value >> 16 != TransactionEvent::ID_PREFIX {
-            return Err(TransactionTraceParsingError::UnknownTransactionTrace(value));
-        }
+            EPILOGUE_START => Ok(TransactionEvent::EpilogueStart),
+            EPILOGUE_END => Ok(TransactionEvent::EpilogueEnd),
 
-        match value {
-            0x2_0000 => Ok(TransactionTrace::PrologueStart),
-            0x2_0001 => Ok(TransactionTrace::PrologueEnd),
-            0x2_0002 => Ok(TransactionTrace::NotesProcessingStart),
-            0x2_0003 => Ok(TransactionTrace::NotesProcessingEnd),
-            0x2_0004 => Ok(TransactionTrace::NoteExecutionStart),
-            0x2_0005 => Ok(TransactionTrace::NoteExecutionEnd),
-            0x2_0006 => Ok(TransactionTrace::TxScriptProcessingStart),
-            0x2_0007 => Ok(TransactionTrace::TxScriptProcessingEnd),
-            0x2_0008 => Ok(TransactionTrace::EpilogueStart),
-            0x2_0009 => Ok(TransactionTrace::EpilogueEnd),
-            _ => Err(TransactionTraceParsingError::UnknownTransactionTrace(value)),
+            _ => Err(TransactionEventError::InvalidTransactionEvent(value)),
         }
     }
 }
diff --git a/crates/miden-lib/src/transaction/mod.rs b/crates/miden-lib/src/transaction/mod.rs
index f6eefaaa47..5a410da2f8 100644
--- a/crates/miden-lib/src/transaction/mod.rs
+++ b/crates/miden-lib/src/transaction/mod.rs
@@ -20,7 +20,7 @@ use super::MidenLib;
 pub mod memory;
 
 mod events;
-pub use events::{TransactionEvent, TransactionTrace};
+pub use events::TransactionEvent;
 
 mod inputs;
 
diff --git a/crates/miden-tx/src/executor/mast_store.rs b/crates/miden-tx/src/executor/mast_store.rs
deleted file mode 100644
index b9b3c79a9d..0000000000
--- a/crates/miden-tx/src/executor/mast_store.rs
+++ /dev/null
@@ -1,109 +0,0 @@
-use alloc::{collections::BTreeMap, sync::Arc};
-
-use miden_lib::{MidenLib, StdLibrary, transaction::TransactionKernel, utils::sync::RwLock};
-use miden_objects::{
-    Digest,
-    account::AccountCode,
-    assembly::mast::MastForest,
-    transaction::{InputNote, InputNotes, TransactionArgs},
-};
-use vm_processor::MastForestStore;
-
-// TRANSACTION MAST STORE
-// ================================================================================================
-
-/// A store for the code available during transaction execution.
-///
-/// Transaction MAST store contains a map between procedure MAST roots and [MastForest]s containing
-/// MASTs for these procedures. The VM will request [MastForest]s from the store when it encounters
-/// a procedure which it doesn't have the code for. Thus, to execute a program which makes
-/// references to external procedures, the store must be loaded with [MastForest]s containing these
-/// procedures.
-pub struct TransactionMastStore {
-    mast_forests: RwLock<BTreeMap<Digest, Arc<MastForest>>>,
-}
-
-#[allow(clippy::new_without_default)]
-impl TransactionMastStore {
-    /// Returns a new [TransactionMastStore] instantiated with the default libraries.
-    ///
-    /// The default libraries include:
-    /// - Miden standard library (miden-stdlib).
-    /// - Miden rollup library (miden-lib).
-    /// - Transaction kernel.
-    pub fn new() -> Self {
-        let mast_forests = RwLock::new(BTreeMap::new());
-        let store = Self { mast_forests };
-
-        // load transaction kernel MAST forest
-        let kernels_forest = TransactionKernel::kernel().mast_forest().clone();
-        store.insert(kernels_forest);
-
-        // load miden-stdlib MAST forest
-        let miden_stdlib_forest = StdLibrary::default().mast_forest().clone();
-        store.insert(miden_stdlib_forest);
-
-        // load miden lib MAST forest
-        let miden_lib_forest = MidenLib::default().mast_forest().clone();
-        store.insert(miden_lib_forest);
-
-        store
-    }
-
-    /// Loads the provided account code into this store.
-    pub fn load_account_code(&self, code: &AccountCode) {
-        self.insert(code.mast().clone());
-    }
-
-    /// Loads code required for executing a transaction with the specified inputs and args into
-    /// this store.
-    ///
-    /// The loaded code includes:
-    /// - Account code for the account specified from the provided [AccountCode].
-    /// - Note scripts for all input notes in the provided [InputNotes].
-    /// - Transaction script (if any) from the specified [TransactionArgs].
-    /// - Foreign account code (if any) from the specified [TransactionArgs].
-    pub fn load_transaction_code(
-        &self,
-        account_code: &AccountCode,
-        input_notes: &InputNotes<InputNote>,
-        tx_args: &TransactionArgs,
-    ) {
-        // load account code
-        self.load_account_code(account_code);
-
-        // load note script MAST into the MAST store
-        for note in input_notes {
-            self.insert(note.note().script().mast().clone());
-        }
-
-        // load foreign account's MAST forests
-        for foreign_account in tx_args.foreign_accounts() {
-            self.load_account_code(foreign_account.account_code());
-        }
-
-        // load tx script MAST into the MAST store
-        if let Some(tx_script) = tx_args.tx_script() {
-            self.insert(tx_script.mast().clone());
-        }
-    }
-
-    /// Registers all procedures of the provided [MastForest] with this store.
-    pub fn insert(&self, mast_forest: Arc<MastForest>) {
-        let mut mast_forests = self.mast_forests.write();
-
-        // only register procedures that are local to this forest
-        for proc_digest in mast_forest.local_procedure_digests() {
-            mast_forests.insert(proc_digest, mast_forest.clone());
-        }
-    }
-}
-
-// MAST FOREST STORE IMPLEMENTATION
-// ================================================================================================
-
-impl MastForestStore for TransactionMastStore {
-    fn get(&self, procedure_root: &Digest) -> Option<Arc<MastForest>> {
-        self.mast_forests.read().get(procedure_root).cloned()
-    }
-}
diff --git a/crates/miden-tx/src/executor/mod.rs b/crates/miden-tx/src/executor/mod.rs
index 8ded1775b3..c89b421ec4 100644
--- a/crates/miden-tx/src/executor/mod.rs
+++ b/crates/miden-tx/src/executor/mod.rs
@@ -5,14 +5,14 @@ use miden_objects::{
     Felt, MAX_TX_EXECUTION_CYCLES, MIN_TX_EXECUTION_CYCLES, ZERO,
     account::AccountId,
     block::{BlockHeader, BlockNumber},
+    note::NoteId,
     transaction::{
         ExecutedTransaction, ForeignAccountInputs, InputNote, InputNotes, TransactionArgs,
         TransactionInputs, TransactionScript,
     },
     vm::StackOutputs,
 };
-pub use vm_processor::MastForestStore;
-use vm_processor::{AdviceInputs, ExecutionOptions, Process, RecAdviceProvider};
+use vm_processor::{AdviceInputs, ExecutionOptions, MemAdviceProvider, Process, RecAdviceProvider};
 use winter_maybe_async::{maybe_async, maybe_await};
 
 use super::{TransactionExecutorError, TransactionHost};
@@ -21,6 +21,9 @@ use crate::auth::TransactionAuthenticator;
 mod data_store;
 pub use data_store::DataStore;
 
+mod notes_checker;
+pub use notes_checker::{NoteConsumptionChecker, NoteInputsCheck};
+
 // TRANSACTION EXECUTOR
 // ================================================================================================
 
@@ -108,21 +111,7 @@ impl TransactionExecutor {
         notes: InputNotes<InputNote>,
         tx_args: TransactionArgs,
     ) -> Result<ExecutedTransaction, TransactionExecutorError> {
-        // Validate that notes were not created after the reference, and build the set of required
-        // block numbers
-        let mut ref_blocks: BTreeSet<BlockNumber> = BTreeSet::new();
-        for note in &notes {
-            if let Some(location) = note.location() {
-                if location.block_num() > block_ref {
-                    return Err(TransactionExecutorError::NoteBlockPastReferenceBlock(
-                        note.id(),
-                        block_ref,
-                    ));
-                }
-                ref_blocks.insert(location.block_num());
-            }
-        }
-
+        let mut ref_blocks = validate_input_notes(&notes, block_ref)?;
         ref_blocks.insert(block_ref);
 
         let (account, seed, ref_block, mmr) =
@@ -222,6 +211,92 @@ impl TransactionExecutor {
 
         Ok(*stack_outputs)
     }
+
+    // CHECK CONSUMABILITY
+    // ============================================================================================
+
+    /// Executes the transaction with specified notes, returning the [NoteAccountExecution::Success]
+    /// if all notes has been consumed successfully and [NoteAccountExecution::Failure] if some note
+    /// returned an error.
+    ///
+    /// # Errors:
+    /// Returns an error if:
+    /// - If required data can not be fetched from the [DataStore].
+    /// - If the transaction host can not be created from the provided values.
+    /// - If the execution of the provided program fails on the stage other than note execution.
+    #[maybe_async]
+    pub(crate) fn try_execute_notes(
+        &self,
+        account_id: AccountId,
+        block_ref: BlockNumber,
+        notes: InputNotes<InputNote>,
+        tx_args: TransactionArgs,
+    ) -> Result<NoteAccountExecution, TransactionExecutorError> {
+        let mut ref_blocks = validate_input_notes(&notes, block_ref)?;
+        ref_blocks.insert(block_ref);
+
+        let (account, seed, ref_block, mmr) =
+            maybe_await!(self.data_store.get_transaction_inputs(account_id, ref_blocks))
+                .map_err(TransactionExecutorError::FetchTransactionInputsFailed)?;
+
+        validate_account_inputs(&tx_args, &ref_block)?;
+
+        let tx_inputs = TransactionInputs::new(account, seed, ref_block, mmr, notes)
+            .map_err(TransactionExecutorError::InvalidTransactionInputs)?;
+
+        let (stack_inputs, advice_inputs) =
+            TransactionKernel::prepare_inputs(&tx_inputs, &tx_args, None)
+                .map_err(TransactionExecutorError::InvalidTransactionInputs)?;
+
+        let advice_provider: MemAdviceProvider = advice_inputs.into();
+
+        let mut host = TransactionHost::new(
+            tx_inputs.account().into(),
+            advice_provider,
+            self.data_store.clone(),
+            self.authenticator.clone(),
+            tx_args.foreign_account_code_commitments(),
+        )
+        .map_err(TransactionExecutorError::TransactionHostCreationFailed)?;
+
+        // execute the transaction kernel
+        let result = vm_processor::execute(
+            &TransactionKernel::main(),
+            stack_inputs,
+            &mut host,
+            self.exec_options,
+        )
+        .map_err(TransactionExecutorError::TransactionProgramExecutionFailed);
+
+        match result {
+            Ok(_) => Ok(NoteAccountExecution::Success),
+            Err(tx_execution_error) => {
+                let notes = host.tx_progress().note_execution();
+
+                // empty notes vector means that we didn't process the notes, so an error
+                // occurred somewhere else
+                if notes.is_empty() {
+                    return Err(tx_execution_error);
+                }
+
+                let ((last_note, last_note_interval), success_notes) = notes
+                    .split_last()
+                    .expect("notes vector should not be empty because we just checked");
+
+                // if the interval end of the last note is specified, then an error occurred after
+                // notes processing
+                if last_note_interval.end().is_some() {
+                    return Err(tx_execution_error);
+                }
+
+                Ok(NoteAccountExecution::Failure {
+                    failed_note_id: *last_note,
+                    successful_notes: success_notes.iter().map(|(note, _)| *note).collect(),
+                    error: Some(tx_execution_error),
+                })
+            },
+        }
+    }
 }
 
 // HELPER FUNCTIONS
@@ -301,3 +376,46 @@ fn validate_account_inputs(
     }
     Ok(())
 }
+
+/// Validates that input notes were not created after the reference block.
+///
+/// Returns the set of block numbers required to execute the provided notes.
+fn validate_input_notes(
+    notes: &InputNotes<InputNote>,
+    block_ref: BlockNumber,
+) -> Result<BTreeSet<BlockNumber>, TransactionExecutorError> {
+    // Validate that notes were not created after the reference, and build the set of required
+    // block numbers
+    let mut ref_blocks: BTreeSet<BlockNumber> = BTreeSet::new();
+    for note in notes.iter() {
+        if let Some(location) = note.location() {
+            if location.block_num() > block_ref {
+                return Err(TransactionExecutorError::NoteBlockPastReferenceBlock(
+                    note.id(),
+                    block_ref,
+                ));
+            }
+            ref_blocks.insert(location.block_num());
+        }
+    }
+
+    Ok(ref_blocks)
+}
+
+// HELPER ENUM
+// ================================================================================================
+
+/// Describes whether a transaction with a specified set of notes could be executed against target
+/// account.
+///
+/// [NoteAccountExecution::Failure] holds data for error handling: `failing_note_id` is an ID of a
+/// failing note and `successful_notes` is a vector of note IDs which were successfully executed.
+#[derive(Debug)]
+pub enum NoteAccountExecution {
+    Success,
+    Failure {
+        failed_note_id: NoteId,
+        successful_notes: Vec<NoteId>,
+        error: Option<TransactionExecutorError>,
+    },
+}
diff --git a/crates/miden-tx/src/executor/notes_checker.rs b/crates/miden-tx/src/executor/notes_checker.rs
new file mode 100644
index 0000000000..9e214739be
--- /dev/null
+++ b/crates/miden-tx/src/executor/notes_checker.rs
@@ -0,0 +1,103 @@
+use miden_lib::{
+    account::interface::NoteAccountCompatibility, note::well_known_note::WellKnownNote,
+};
+use miden_objects::{
+    account::AccountId,
+    block::BlockNumber,
+    note::NoteId,
+    transaction::{InputNote, InputNotes, TransactionArgs},
+};
+use winter_maybe_async::{maybe_async, maybe_await};
+
+use super::{NoteAccountExecution, TransactionExecutor, TransactionExecutorError};
+
+/// This struct performs input notes check against provided target account.
+///
+/// The check is performed using the [NoteConsumptionChecker::check_notes_consumability] procedure.
+/// Essentially runs the transaction to make sure that provided input notes could be consumed by the
+/// account.
+pub struct NoteConsumptionChecker<'a>(&'a TransactionExecutor);
+
+impl<'a> NoteConsumptionChecker<'a> {
+    /// Creates a new [`NoteConsumptionChecker`] instance with the given transaction executor.
+    pub fn new(tx_executor: &'a TransactionExecutor) -> Self {
+        NoteConsumptionChecker(tx_executor)
+    }
+
+    /// Checks whether the provided input notes could be consumed by the provided account.
+    ///
+    /// This check consists of two main steps:
+    /// - Statically check the notes: if all notes are either `P2ID` or `P2IDR` notes with correct
+    ///   inputs, return `NoteAccountExecution::Success`.
+    /// - Execute the transaction:
+    ///   - Returns `NoteAccountExecution::Success` if the execution was successful.
+    ///   - Returns `NoteAccountExecution::Failure` if some note returned an error. The fields
+    ///     associated with `Failure` variant contains the ID of the failed note, a vector of IDs of
+    ///     the notes, which were successfully executed, and the [TransactionExecutorError] if the
+    ///     check failed durning the execution stage.
+    #[maybe_async]
+    pub fn check_notes_consumability(
+        &self,
+        target_account_id: AccountId,
+        block_ref: BlockNumber,
+        input_notes: InputNotes<InputNote>,
+        tx_args: TransactionArgs,
+    ) -> Result<NoteAccountExecution, TransactionExecutorError> {
+        // Check input notes
+        // ----------------------------------------------------------------------------------------
+
+        let mut successful_notes = vec![];
+        for note in input_notes.iter() {
+            if let Some(well_known_note) = WellKnownNote::from_note(note.note()) {
+                if let WellKnownNote::SWAP = well_known_note {
+                    // if we encountered a SWAP note, then we have to execute the transaction
+                    // anyway, but we should continue iterating to make sure that there are no
+                    // P2ID(R) notes which return a `No`
+                    continue;
+                }
+
+                match well_known_note.check_note_inputs(note.note(), target_account_id, block_ref) {
+                    NoteAccountCompatibility::No => {
+                        // if the check failed, return a `Failure` with the vector of successfully
+                        // checked `P2ID` and `P2IDR` notes
+                        return Ok(NoteAccountExecution::Failure {
+                            failed_note_id: note.id(),
+                            successful_notes,
+                            error: None,
+                        });
+                    },
+                    // this branch is unreachable, since we are handling the SWAP note separately,
+                    // but as an extra precaution continue iterating over the notes and run the
+                    // transaction to make sure the note which returned "Maybe" could be consumed
+                    NoteAccountCompatibility::Maybe => continue,
+                    NoteAccountCompatibility::Yes => {
+                        // put the successfully checked `P2ID` or `P2IDR` note to the vector
+                        successful_notes.push(note.id());
+                    },
+                }
+            } else {
+                // if we encountered not a well known note, then we have to execute the transaction
+                // anyway, but we should continue iterating to make sure that there are no
+                // P2ID(R) notes which return a `No`
+                continue;
+            }
+        }
+
+        // if all checked notes turned out to be either `P2ID` or `P2IDR` notes and all of them
+        // passed, then we could safely return the `Success`
+        if successful_notes.len() == input_notes.num_notes() {
+            return Ok(NoteAccountExecution::Success);
+        }
+
+        // Execute transaction
+        // ----------------------------------------------------------------------------------------
+        maybe_await!(self.0.try_execute_notes(target_account_id, block_ref, input_notes, tx_args))
+    }
+}
+
+/// Helper enum for getting a result of the well known note inputs check.
+#[derive(Debug, PartialEq)]
+pub enum NoteInputsCheck {
+    Maybe,
+    No { failed_note_id: NoteId },
+}
diff --git a/crates/miden-tx/src/host/mod.rs b/crates/miden-tx/src/host/mod.rs
index 55ff6776f2..56c4e8fe51 100644
--- a/crates/miden-tx/src/host/mod.rs
+++ b/crates/miden-tx/src/host/mod.rs
@@ -9,7 +9,7 @@ use alloc::{
 use miden_lib::{
     errors::tx_kernel_errors::TX_KERNEL_ERRORS,
     transaction::{
-        TransactionEvent, TransactionEventError, TransactionKernelError, TransactionTrace,
+        TransactionEvent, TransactionEventError, TransactionKernelError,
         memory::{CURRENT_INPUT_NOTE_PTR, NATIVE_NUM_ACCT_STORAGE_SLOTS_PTR},
     },
 };
@@ -535,34 +535,56 @@ impl<A: AdviceProvider> Host for TransactionHost<A> {
             TransactionEvent::NoteAfterAddAsset => Ok(()),
 
             TransactionEvent::FalconSigToStack => self.on_signature_requested(process),
-        }
-        .map_err(|err| ExecutionError::EventError(Box::new(err)))?;
 
-        Ok(())
-    }
+            TransactionEvent::PrologueStart => {
+                self.tx_progress.start_prologue(process.clk());
+                Ok(())
+            },
+            TransactionEvent::PrologueEnd => {
+                self.tx_progress.end_prologue(process.clk());
+                Ok(())
+            },
 
-    fn on_trace(&mut self, process: ProcessState, trace_id: u32) -> Result<(), ExecutionError> {
-        let event = TransactionTrace::try_from(trace_id)
-            .map_err(|err| ExecutionError::EventError(Box::new(err)))?;
+            TransactionEvent::NotesProcessingStart => {
+                self.tx_progress.start_notes_processing(process.clk());
+                Ok(())
+            },
+            TransactionEvent::NotesProcessingEnd => {
+                self.tx_progress.end_notes_processing(process.clk());
+                Ok(())
+            },
 
-        use TransactionTrace::*;
-        match event {
-            PrologueStart => self.tx_progress.start_prologue(process.clk()),
-            PrologueEnd => self.tx_progress.end_prologue(process.clk()),
-            NotesProcessingStart => self.tx_progress.start_notes_processing(process.clk()),
-            NotesProcessingEnd => self.tx_progress.end_notes_processing(process.clk()),
-            NoteExecutionStart => {
+            TransactionEvent::NoteExecutionStart => {
                 let note_id = Self::get_current_note_id(process)?.expect(
                     "Note execution interval measurement is incorrect: check the placement of the start and the end of the interval",
                 );
                 self.tx_progress.start_note_execution(process.clk(), note_id);
+                Ok(())
             },
-            NoteExecutionEnd => self.tx_progress.end_note_execution(process.clk()),
-            TxScriptProcessingStart => self.tx_progress.start_tx_script_processing(process.clk()),
-            TxScriptProcessingEnd => self.tx_progress.end_tx_script_processing(process.clk()),
-            EpilogueStart => self.tx_progress.start_epilogue(process.clk()),
-            EpilogueEnd => self.tx_progress.end_epilogue(process.clk()),
+            TransactionEvent::NoteExecutionEnd => {
+                self.tx_progress.end_note_execution(process.clk());
+                Ok(())
+            },
+
+            TransactionEvent::TxScriptProcessingStart => {
+                self.tx_progress.start_tx_script_processing(process.clk());
+                Ok(())
+            }
+            TransactionEvent::TxScriptProcessingEnd => {
+                self.tx_progress.end_tx_script_processing(process.clk());
+                Ok(())
+            }
+
+            TransactionEvent::EpilogueStart => {
+                self.tx_progress.start_epilogue(process.clk());
+                Ok(())
+            }
+            TransactionEvent::EpilogueEnd => {
+                self.tx_progress.end_epilogue(process.clk());
+                Ok(())
+            }
         }
+        .map_err(|err| ExecutionError::EventError(Box::new(err)))?;
 
         Ok(())
     }
diff --git a/crates/miden-tx/src/host/tx_progress.rs b/crates/miden-tx/src/host/tx_progress.rs
index 3ef9c170e9..1c7fe2d62a 100644
--- a/crates/miden-tx/src/host/tx_progress.rs
+++ b/crates/miden-tx/src/host/tx_progress.rs
@@ -132,6 +132,14 @@ impl CycleInterval {
         self.end = Some(e);
     }
 
+    pub fn start(&self) -> Option<RowIndex> {
+        self.start
+    }
+
+    pub fn end(&self) -> Option<RowIndex> {
+        self.end
+    }
+
     /// Calculate the length of the interval
     pub fn len(&self) -> usize {
         if let Some(start) = self.start {
diff --git a/crates/miden-tx/src/lib.rs b/crates/miden-tx/src/lib.rs
index a612f8ea9a..ec6e49ded8 100644
--- a/crates/miden-tx/src/lib.rs
+++ b/crates/miden-tx/src/lib.rs
@@ -9,7 +9,7 @@ extern crate std;
 pub use miden_objects::transaction::TransactionInputs;
 
 mod executor;
-pub use executor::{DataStore, MastForestStore, TransactionExecutor};
+pub use executor::{DataStore, NoteConsumptionChecker, NoteInputsCheck, TransactionExecutor};
 
 pub mod host;
 pub use host::{TransactionHost, TransactionProgress};
diff --git a/crates/miden-tx/src/testing/tx_context/builder.rs b/crates/miden-tx/src/testing/tx_context/builder.rs
index dd98fb7671..fe5ecd2a47 100644
--- a/crates/miden-tx/src/testing/tx_context/builder.rs
+++ b/crates/miden-tx/src/testing/tx_context/builder.rs
@@ -246,7 +246,7 @@ impl TransactionContextBuilder {
             .unwrap()
     }
 
-    /// Adds one input note with a note script that creates another ouput note.
+    /// Adds one input note with a note script that creates another output note.
     fn input_note_with_one_output_note(
         &mut self,
         sender: AccountId,
@@ -300,7 +300,7 @@ impl TransactionContextBuilder {
             .unwrap()
     }
 
-    /// Adds one input note with a note script that creates 2 ouput notes.
+    /// Adds one input note with a note script that creates 2 output notes.
     fn input_note_with_two_output_notes(
         &mut self,
         sender: AccountId,
diff --git a/crates/miden-tx/src/tests/mod.rs b/crates/miden-tx/src/tests/mod.rs
index 3d727110ca..9cd86f9831 100644
--- a/crates/miden-tx/src/tests/mod.rs
+++ b/crates/miden-tx/src/tests/mod.rs
@@ -9,12 +9,18 @@ use ::assembly::{
     LibraryPath,
     ast::{Module, ModuleKind},
 };
-use miden_lib::{transaction::TransactionKernel, utils::word_to_masm_push_string};
+use assert_matches::assert_matches;
+use miden_lib::{
+    note::{create_p2id_note, create_p2idr_note},
+    transaction::TransactionKernel,
+    utils::word_to_masm_push_string,
+};
 use miden_objects::{
     Felt, FieldElement, MIN_PROOF_SECURITY_LEVEL, Word,
-    account::{Account, AccountBuilder, AccountComponent, AccountStorage, StorageSlot},
+    account::{Account, AccountBuilder, AccountComponent, AccountId, AccountStorage, StorageSlot},
     assembly::DefaultSourceManager,
     asset::{Asset, AssetVault, FungibleAsset, NonFungibleAsset},
+    block::BlockNumber,
     note::{
         Note, NoteAssets, NoteExecutionHint, NoteExecutionMode, NoteHeader, NoteId, NoteInputs,
         NoteMetadata, NoteRecipient, NoteScript, NoteTag, NoteType,
@@ -24,10 +30,10 @@ use miden_objects::{
         account_id::{
             ACCOUNT_ID_PUBLIC_FUNGIBLE_FAUCET, ACCOUNT_ID_PUBLIC_FUNGIBLE_FAUCET_2,
             ACCOUNT_ID_REGULAR_PUBLIC_ACCOUNT_IMMUTABLE_CODE,
-            ACCOUNT_ID_REGULAR_PUBLIC_ACCOUNT_UPDATABLE_CODE,
+            ACCOUNT_ID_REGULAR_PUBLIC_ACCOUNT_UPDATABLE_CODE, ACCOUNT_ID_SENDER,
         },
         constants::{FUNGIBLE_ASSET_AMOUNT, NON_FUNGIBLE_ASSET_DATA},
-        note::DEFAULT_NOTE_CODE,
+        note::{DEFAULT_NOTE_CODE, NoteBuilder},
         storage::{STORAGE_INDEX_0, STORAGE_INDEX_2},
     },
     transaction::{OutputNote, ProvenTransaction, TransactionScript},
@@ -36,7 +42,8 @@ use miden_prover::ProvingOptions;
 use rand::{Rng, SeedableRng};
 use rand_chacha::ChaCha20Rng;
 use vm_processor::{
-    Digest, MemAdviceProvider, ONE,
+    Digest, ExecutionError, MemAdviceProvider, ONE,
+    crypto::RpoRandomCoin,
     utils::{Deserializable, Serializable},
 };
 
@@ -44,7 +51,11 @@ use super::{
     LocalTransactionProver, TransactionExecutor, TransactionHost, TransactionProver,
     TransactionVerifier,
 };
-use crate::{TransactionMastStore, testing::TransactionContextBuilder};
+use crate::{
+    TransactionExecutorError, TransactionMastStore,
+    executor::{NoteAccountExecution, NoteConsumptionChecker},
+    testing::TransactionContextBuilder,
+};
 
 mod kernel_tests;
 
@@ -956,3 +967,118 @@ fn test_execute_program() {
 
     assert_eq!(stack_outputs[..3], [Felt::new(7), Felt::new(2), ONE]);
 }
+
+#[test]
+fn test_check_note_consumability() {
+    // Success (well known notes)
+    // --------------------------------------------------------------------------------------------
+    let p2id_note = create_p2id_note(
+        ACCOUNT_ID_REGULAR_PUBLIC_ACCOUNT_IMMUTABLE_CODE.try_into().unwrap(),
+        ACCOUNT_ID_REGULAR_PUBLIC_ACCOUNT_UPDATABLE_CODE.try_into().unwrap(),
+        vec![FungibleAsset::mock(10)],
+        NoteType::Public,
+        Default::default(),
+        &mut RpoRandomCoin::new([ONE, Felt::new(2), Felt::new(3), Felt::new(4)]),
+    )
+    .unwrap();
+
+    let p2idr_note = create_p2idr_note(
+        ACCOUNT_ID_REGULAR_PUBLIC_ACCOUNT_IMMUTABLE_CODE.try_into().unwrap(),
+        ACCOUNT_ID_REGULAR_PUBLIC_ACCOUNT_UPDATABLE_CODE.try_into().unwrap(),
+        vec![FungibleAsset::mock(10)],
+        NoteType::Public,
+        Default::default(),
+        BlockNumber::default(),
+        &mut RpoRandomCoin::new([ONE, Felt::new(2), Felt::new(3), Felt::new(4)]),
+    )
+    .unwrap();
+
+    let tx_context = TransactionContextBuilder::with_standard_account(ONE)
+        .input_notes(vec![p2id_note, p2idr_note])
+        .build();
+
+    let input_notes = tx_context.input_notes().clone();
+    let target_account_id = tx_context.account().id();
+    let block_ref = tx_context.tx_inputs().block_header().block_num();
+    let tx_args = tx_context.tx_args().clone();
+
+    let executor: TransactionExecutor =
+        TransactionExecutor::new(Arc::new(tx_context), None).with_tracing();
+    let notes_checker = NoteConsumptionChecker::new(&executor);
+
+    let execution_check_result = notes_checker
+        .check_notes_consumability(target_account_id, block_ref, input_notes, tx_args)
+        .unwrap();
+    assert_matches!(execution_check_result, NoteAccountExecution::Success);
+
+    // Success (custom notes)
+    // --------------------------------------------------------------------------------------------
+    let tx_context = TransactionContextBuilder::with_standard_account(ONE)
+        .with_mock_notes_preserved()
+        .build();
+
+    let input_notes = tx_context.input_notes().clone();
+    let account_id = tx_context.account().id();
+    let block_ref = tx_context.tx_inputs().block_header().block_num();
+    let tx_args = tx_context.tx_args().clone();
+
+    let executor: TransactionExecutor =
+        TransactionExecutor::new(Arc::new(tx_context), None).with_tracing();
+    let notes_checker = NoteConsumptionChecker::new(&executor);
+
+    let execution_check_result = notes_checker
+        .check_notes_consumability(account_id, block_ref, input_notes, tx_args)
+        .unwrap();
+    assert_matches!(execution_check_result, NoteAccountExecution::Success);
+
+    // Failure
+    // --------------------------------------------------------------------------------------------
+    let sender = AccountId::try_from(ACCOUNT_ID_SENDER).unwrap();
+
+    let failing_note_1 = NoteBuilder::new(
+        sender,
+        ChaCha20Rng::from_seed(ChaCha20Rng::from_seed([0_u8; 32]).random()),
+    )
+    .code("begin push.1 drop push.0 div end")
+    .build(&TransactionKernel::testing_assembler())
+    .unwrap();
+
+    let failing_note_2 = NoteBuilder::new(
+        sender,
+        ChaCha20Rng::from_seed(ChaCha20Rng::from_seed([0_u8; 32]).random()),
+    )
+    .code("begin push.2 drop push.0 div end")
+    .build(&TransactionKernel::testing_assembler())
+    .unwrap();
+
+    let tx_context = TransactionContextBuilder::with_standard_account(ONE)
+        .with_mock_notes_preserved()
+        .input_notes(vec![failing_note_1, failing_note_2.clone()])
+        .build();
+
+    let input_notes = tx_context.input_notes().clone();
+    let input_note_ids =
+        input_notes.iter().map(|input_note| input_note.id()).collect::<Vec<NoteId>>();
+    let account_id = tx_context.account().id();
+    let block_ref = tx_context.tx_inputs().block_header().block_num();
+    let tx_args = tx_context.tx_args().clone();
+
+    let executor: TransactionExecutor =
+        TransactionExecutor::new(Arc::new(tx_context), None).with_tracing();
+    let notes_checker = NoteConsumptionChecker::new(&executor);
+
+    // let notes_checker = NoteConsumptionChecker::new(account_id, input_notes.clone().into_vec());
+    let execution_check_result = notes_checker
+        .check_notes_consumability(account_id, block_ref, input_notes, tx_args)
+        .unwrap();
+
+    assert_matches!(execution_check_result, NoteAccountExecution::Failure {
+        failed_note_id,
+        successful_notes,
+        error: Some(e)} => {
+            assert_eq!(failed_note_id, failing_note_2.id());
+            assert_eq!(successful_notes, input_note_ids[..2].to_vec());
+            assert_matches!(e, TransactionExecutorError::TransactionProgramExecutionFailed(ExecutionError::DivideByZero(_)));
+        }
+    );
+}