Part 2: GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION
§1-1204. Value
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE 2/15/10)
Except as otherwise provided in Articles 3-A, 4 and 5-A, a person gives value for rights if the person acquires them: [2009, c. 325, Pt. A, §2 (NEW); 2009, c. 325, Pt. A, §4 (AFF).]
(1). In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn
upon and whether or not a charge-back is provided for in the event of difficulties in collection;
[
2009, c. 325, Pt. A, §2 (NEW);
2009, c. 325, Pt. A, §4 (AFF)
.]
(2). As security for, or in total or partial satisfaction of, a preexisting claim;
[
2009, c. 325, Pt. A, §2 (NEW);
2009, c. 325, Pt. A, §4 (AFF)
.]
(3). By accepting delivery under a preexisting contract for purchase; or
[
2009, c. 325, Pt. A, §2 (NEW);
2009, c. 325, Pt. A, §4 (AFF)
.]
(4). In return for any consideration sufficient to support a simple contract.
[
2009, c. 325, Pt. A, §2 (NEW);
2009, c. 325, Pt. A, §4 (AFF)
.]
SECTION HISTORY
2009, c. 325, Pt. A, §2 (NEW).
2009, c. 325, Pt. A, §4 (AFF).
Data for this page extracted on 12/15/2009 09:09:50.