Pennsylvania § 1204 Value

Pennsylvania Statutes

§ 1204 — Value

Pennsylvania § 1204

Title 13COMMERCIAL CODE

Ch. 12GENERAL DEFINITIONS AND PRINCIPLES

This text of Pennsylvania § 1204 (Value) is published on Counsel Stack Legal Research, covering Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

13 Pa. Cons. Stat. § 1204 (2026).

Text

Except as otherwise provided in Divisions 3 (relating to negotiable instruments), 4 (relating to bank deposits and collections), 5 (relating to letters of credit) and 12 (relating to controllable electronic records), 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 Divisions 3 (relating to negotiable instruments), 4 (relating to bank deposits and collections), 5 (relating to letters of credit) and 12 (relating to controllable electronic records), 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

(July 1, 2024, P.L.450, No.41, eff. 60 days) 2024 Amendment.Act 41 amended the intro. par.See section 1 of Act 41 in the appendix to this title for special provisions relating to findings and declarations.