70A-1a-204. Value.
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Effective 5/6/2026
70A-1a-204. Value.
Except as otherwise provided in Chapter 3, Uniform Commercial Code - Negotiable Instruments , Chapter 4, Uniform Commercial Code - Bank Deposits and Collections , Chapter 5, Uniform Commercial Code - Letters of Credit , and Chapter 12, Uniform Commercial Code - Controllable Electronic Records, 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.
Amended by Chapter 322 , 2026 General Session