Statute · New York Uniform Commercial Code
N.Y. U.C.C. Law § 1-204 — Value
N.Y. U.C.C. Law § 1-204
- Type
- Statute
- Source
- New York Uniform Commercial Code
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
Section 1--204. Value.
Citator
N.Y. U.C.C. Law § 1-204 — Value is in force in the current edition of the Code, and nothing recorded condemns it.
Section 1--204. Value.
Except as otherwise provided in articles 3, 4, 5, and 12 of this act 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.