Value

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Except as otherwise provided in Articles 3, 4, 5, and 6 of this title, 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.

(Code 1981, §11-1-204, enacted by Ga. L. 2015, p. 996, § 3A-1/SB 65.)

Editor's notes.

- Ga. L. 2015, p. 996, § 3A-1/SB 65, effective January 1, 2016, redesignated former Code Section 11-1-204 as present Code Section 11-1-205.


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