70A-1a-204 - Value. - Utah Statutes

70A-1a-204. Value.
Except as otherwise provided in Chapters 3, Uniform Commercial Code - NegotiableInstruments, 4, Uniform Commercial Code - Bank Deposits and Collections, and 5, UniformCommercial Code - Letters of Credit, 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 ofimmediately available credit, whether or not drawn upon and whether or not a charge-back isprovided 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.

Enacted by Chapter 272, 2007 General Session