Value

  1. Law
  2. US Virgin Islands Code
  3. Uniform Commercial Code
  4. General Provisions
  5. General Definitions and Principles of Interpretation
  6. Value

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  • 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 chargeback 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.


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