§ 70A-1a-204. Value.

Latest version.

Except as otherwise provided in Chapter 3, Uniform Commercial Code - Negotiable Instruments, Chapter 4, Uniform Commercial Code - Bank Deposits and Collections, and Chapter 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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