N.Y. UCC Law § 1-204
This is the official text of N.Y. UCC Law § 1-204, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Value
Official statutory text
Section 1--204. Value.\n Except as otherwise provided in articles 3, 4, 5, and 12 of this act a\nperson gives value for rights if the person acquires them:\n (a) in return for a binding commitment to extend credit or for the\nextension of immediately available credit, whether or not drawn upon and\nwhether or not a charge-back is provided for in the event of\ndifficulties in collection;\n (b) as security for, or in total or partial satisfaction of, a\npreexisting claim;\n (c) by accepting delivery under a preexisting contract for purchase;\nor\n (d) in return for any consideration sufficient to support a simple\ncontract.\n
Status: in_force · Read it on the official government site
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