Ohio Rev. Code Ann. § 1301.204

Value - UCC 1-204

Known as the Uniform Commercial Code

The act spans §§ 1301–1301 (26 sections).

Applied in 1 court decision — leading case Luper v. Valueland Auto Sales Inc. (In re Haggerty) (2016)

Most recently applied in Luper v. Valueland Auto Sales Inc. (In re Haggerty) (December 2016)

Effective: June 29, 2011; Latest Legislation: House Bill 9 - 129th General Assembly

Value [UCC 1-204]

Except as otherwise provided in Chapters 1303., 1304., and 1305. of the Revised Code, 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;

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

Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.