Arizona § 47-1204 Value

Arizona Statutes

§ 47-1204 — Value

Arizona·Title 47 Arizona Revised Statutes·Ch. 1 GENERAL PROVISIONS·Art. 2 General Definitions and Principles of Interpretation

Except as otherwise provided in chapters 3, 4 and 5 of this title, a person gives value for rights if the person acquires them:

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;

2.As security for, or in total or partial satisfaction of, a preexisting claim;

3.By accepting delivery under a preexisting contract for purchase; or

4.In return for any consideration sufficient to support a simple contract.

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Except as otherwise provided in chapters 3, 4 and 5 of this title, a person gives value for rights if the person acquires them:

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;

2. As security for, or in total or partial satisfaction of, a preexisting claim;

3. By accepting delivery under a preexisting contract for purchase; or

4. In return for any consideration sufficient to support a simple contract.

Arizona § 47-1204 (Value) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.