Del. Code tit. 6 § 1-204

Current through 2024 Legislative Session Act Chapter 531

Section 1-204 - Value

Except as otherwise provided in Articles 3, 4, 5, and 12, 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.

6 Del. C. § 1-204

Amended by Laws 2023 , ch. 174, s 2, eff. 8/18/2023.

74 Del. Laws, c. 332, § 1.;