§ 10:1-204 — Value

§1-204. Value
Except as otherwise provided in Chapters 3, 4, 5, and 12 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.

Legislative History

Added by Acts 1974, No. 92, §1, eff. Jan. 1, 1975 ; Acts 2006, No. 533, §1; Acts 2024, No. 773, §1.