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N.C. Gen. Stat. § 25-1-204

Value

Known as the Uniform Commercial Code

The act spans §§ 25-1-101–25-9-710 (616 sections).

Applied in 1 court decision — leading case 143 N.C. App. 695 - GATX Logistics, Inc. v. LOWE'S COMPANIES (2001)

Most recently applied in 143 N.C. App. 695 - GATX Logistics, Inc. v. LOWE'S COMPANIES (June 2001)

1899, c. 733, ss. 25, 56, 191; Rev., ss. 2173, 2205, 2340, 3032; 1917, c. 37, ss. 4, 5, 58; 1919, c. 65, ss. 1, 10, 32, 42; c. 290; C.S., ss. 280, 283, 292, 314, 2976, 3005, 303…

Except as otherwise provided in Articles 3, 4, 5, and 12, of this Chapter, a person gives value for rights if the person acquires them in any of the following ways:

(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.

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

Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.