§ 1—204.
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/vt/1-13A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1—204. Value
Except as otherwise provided in Articles 3, 4, 5, 6, and 12 of this title, 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 2007, No. 99 (Adj. Sess.), § 2; 2025, No. 17, § 1, eff. July 1, 2025.)