70A-1a-204. Value.
Except as otherwise provided in Chapters 3, Uniform Commercial Code - Negotiable
Instruments, 4, Uniform Commercial Code - Bank Deposits and Collections, and 5, Uniform
Commercial Code - Letters of Credit, 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.
Enacted by Chapter 272, 2007 General Session
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Last revised: Thursday, May 28, 2009