N.Y. Uniform Commercial Code Law Section 1-204
Value

Section 1--204. Value. 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.

Source: Section 1-204 — Value, https://www.­nysenate.­gov/legislation/laws/UCC/1-204 (updated Dec. 26, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Dec. 26, 2014

§ 1-204’s source at nysenate​.gov

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