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S.C. Code Ann. § 36-1-204

Value

Known as the Uniform Commercial Code

The act spans §§ 36–36 (519 sections).

1962 Code SECTION 10.1-201; 1966 (54) 2716; 1988 Act No. 494, SECTION 2; 1991 Act No. 161, SECTION 2(A); 2001 Act No. 67, SECTION 3; former 1976 Code SECTION 36-1-201; 2014 Act …

Except as otherwise provided in Chapters 3, 4, 4A, 5, and 6 of this title, 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; or

(b) as security for, or in total or partial satisfaction of, a preexisting claim; or

(c) by accepting delivery under a preexisting contract for purchase; or

(d) in return for any consideration sufficient to support a simple contract.

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