N.Y. Uniform Commercial Code 1-204 – Value
Current as of: 2024 | Check for updates
|
Other versions
Section 1–204. Value.
Terms Used In N.Y. Uniform Commercial Code 1-204
- Contract: A legal written agreement that becomes binding when signed.
Except as otherwise provided in articles 3, 4, and 5, a person gives value for rights if the person acquires them:
(a) 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;
(b) as security for, or in total or partial satisfaction of, a preexisting claim;
(c) by accepting delivery under a preexisting contract for purchase; or
(d) in return for any consideration sufficient to support a simple contract.