N.Y. U.C.C. Law § 1-204

Current through 2024 NY Law Chapter 553

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.

N.Y. U.c.c. Law § 1-204

Added by New York Laws 2014, ch. 505,Sec. 1, eff. 12/17/2014.