N.J. Stat. § 12A:1-204

Current through L. 2024, c. 80.

Section 12A:1-204 - Value

Except as otherwise provided in Chapters 3, 4, 5, and 6, a person gives value for rights if the person acquires them:

a. 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;

b. As security for, or in total or partial satisfaction of, a preexisting claim;

c. By accepting delivery under a preexisting contract for purchase; or

d. In return for any consideration sufficient to support a simple contract.

N.J.S. § 12A:1-204

Amended by L., c. 65,s. 1, eff. 7/1/2013.

L.1961, c.120, s.1-204.