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§ 1204. Value

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial CodeEffective: June 16, 2008

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 1. General Provisions (Refs & Annos)
Chapter 12. General Definitions and Principles of Interpretation (Refs & Annos)
Effective: June 16, 2008
13 Pa.C.S.A. § 1204
§ 1204. Value
Currentness
Except as otherwise provided in Divisions 3 (relating to negotiable instruments), 4 (relating to bank deposits and collections) and 5 (relating to letters of credit), 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.

Credits

2008, April 16, P.L. 57, No. 13, § 1.1, effective in 60 days [June 16, 2008].
13 Pa.C.S.A. § 1204, PA ST 13 Pa.C.S.A. § 1204
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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