Ga. Code § 11-1-204

Current through 2023-2024 Legislative Session Chapter 374

Section 11-1-204 - Value

Except as otherwise provided in Articles 3, 4, 5, and 6 of this title, 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.

OCGA § 11-1-204

Added by 2015 Ga. Laws 167,§ 3A-1, eff. 1/1/2016.