Va. Code § 8.1A-204

Current with changes from the 2024 legislative session through ch. 845

Section 8.1A-204 - [Effective 7/1/2025] Value

Except as otherwise provided in Titles 8.3A, 8.4, 8.5A, and 8.12, 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.

Va. Code § 8.1A-204

1964, c. 219, § 8.1-201 (44); 1973, c. 509; 1984, c. 613; 1991, c. 536; 1992, c. 693; 2000, c. 1007; 2003, c. 353; 2011, c. 369.

Amended by Acts 2024 c. 652,§ 1, eff. 7/1/2025.

Amended by Acts 2011, § c. 369.

Amended by Acts 2003, § c. 353.

Amended by Acts 2000, § c. 1007.

Amended by Acts 1992, § c. 693.

Amended by Acts 1991, § c. 536.

Amended by Acts 1984, § c. 613.

Amended by Acts 1973, § c. 509.

Amended by Acts 1964, § c. 219, § 8.1-201(44).

This section is set out more than once due to postponed, multiple, or conflicting amendments.