§46-1-204. Value.
100 words·~1 min read·
/wv/chapter-46-uniform-commercial-code/article-1-general-provisions/46-1-204·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as otherwise provided in articles 3, 4, and 5 of this chapter, 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.