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La. R.S. 10:1-204

Value

Known as the Uniform Commercial Code

The act spans §§ 10-1-101 to 10-9-343 (238 sections).

Added by Acts 1974, No. 92, §1, eff

Except as otherwise provided in Chapters 3, 4, 5, and 12 of this Title, 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;

(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.

Official source: Louisiana State Legislature. Reproduced from public-domain Louisiana statutes; confirm against the official source for the current text. Not legal advice.