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N.J. Stat. Ann. § 12A:1-204

Value

Known as the Uniform Commercial Code

The act spans §§ 12A:1-101 to 12A:9-809 (506 sections).

L.2013, c.65, s.1.

Value.

Except as otherwise provided in Chapters 3, 4, 5, and 6, a person gives value for rights if the person acquires them:

a. 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;

b. As security for, or in total or partial satisfaction of, a preexisting claim;

c. By accepting delivery under a preexisting contract for purchase; or

d. In return for any consideration sufficient to support a simple contract.

Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.