Washington Code 62A.1-204 – Value
Current as of: 2023 | Check for updates
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Except as otherwise provided in Articles 3, 4, and 5 of this title, a person gives value for rights if the person acquires them:
Terms Used In Washington Code 62A.1-204
- Contract: A legal written agreement that becomes binding when signed.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(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.
[ 2012 c 214 § 112; 1965 ex.s. c 157 § 1-204.]
NOTES:
Application—Savings—2012 c 214: See notes following RCW 62A.1-101.
Value. (Effective January 1, 2024.)
Except as otherwise provided in Articles 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.
[ 2023 c 266 § 102; 2012 c 214 § 112; 1965 ex.s. c 157 § 1-204.]
NOTES:
Construction—Effective date—2023 c 266: See notes following RCW 62A.12-101.
Application—Savings—2012 c 214: See notes following RCW 62A.1-101.