La. Stat. tit. 10 § 1-204

Current with changes from the 2024 Legislative Session, Acts 3, and 6-86

Section 10:1-204 - Value

Except as otherwise provided in Chapters 3, 4, and 5, 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.

La. R.S. § 10:1-204

Added by Acts 1974, No. 92, §1, eff. 1/1/1975 ; Acts 2006, No. 533, §1.