8.1A-204 - A-204. Value. - Virginia Statutes

§ 8.1A-204. Value.

Except as otherwise provided in Titles 8.3A, 8.4, 8.5A, and 8.6A, a persongives value for rights if the person acquires them:

(1) in return for a binding commitment to extend credit or for the extensionof immediately available credit, whether or not drawn upon and whether or nota charge-back is provided for in the event of difficulties in collection;

(2) as security for, or in total or partial satisfaction of, a preexistingclaim;

(3) by accepting delivery under a preexisting contract for purchase; or

(4) in return for any consideration sufficient to support a simple contract.

(1964, c. 219, § 8.1-201 (44); 1973, c. 509; 1984, c. 613; 1991, c. 536;1992, c. 693; 2000, c. 1007; 2003, c. 353.)