Texas Business & Commerce Code

§ 1.204 — VALUE

BC § 1.204Title 1. UNIFORM COMMERCIAL CODE · Ch. 1. GENERAL PROVISIONS · Art. B. GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION

Statute text

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Except as otherwise provided in Chapters 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.

Legislative history

Amended by Acts 2003, 78th Leg., ch. 542, Sec. 1, eff. Sept. 1, 2003.