Conn. Gen. Stat. § 42a-1-204

Current with legislation from the 2024 Regular and Special Sessions.

Section 42a-1-204 - Value

Except as otherwise provided in articles 3, 4 and 5, 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.

Conn. Gen. Stat. § 42a-1-204

(1959, P.A. 133, S. 1-204; P.A. 05-109, S. 10.)

Cited. 172 Conn. 112; 183 Conn. 266.