Iowa Code § 554.1204
Value
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2024
As of January 1, 2012
Except as otherwise provided in Articles 3, 4, and 5, a person gives value for rights if the person acquires them:
Except as otherwise provided in Articles 3, 4, 5, and 14, 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;
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;
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
3. by accepting delivery under a preexisting contract for purchase; or
4. in return for any consideration sufficient to support a simple contract.
4. in return for any consideration sufficient to support a simple contract.
Former §554.1204 transferred to §554.1205; 2007 Acts, ch 41, §52
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.