N.J.S.A. 12A:1-204 — Value.

12A:1-204. Value. 12A:1-204. Value. Except as otherwise provided in Chapters 3, 4, 5, and 6, 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. L.2013, c.65, s.1.

This is the verbatim text of N.J.S.A. 12A:1-204, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.