Mass. Gen. Laws ch. 106 § 1-204

Current through Chapter 223 of the 2024 Legislative Session

Section 106:1-204 - Value

Except as otherwise provided in articles 3, 4 and 5, 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.

Mass. Gen. Laws ch. 106, § 1-204

Entire article recodified by Acts 2013, c. 30,§ 2, eff. 7/1/2013.