Section 1-204 - [Effective 11/1/2024] "Value"Except as otherwise provided in Articles 3, 4 , 5, 6, and 12 of the Uniform Commercial Code, 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.Okla. Stat. tit. 12A, § 1-204
Amended by Laws 2024, c. 13,s. 2, eff. 11/1/2024.Laws 1961, p. 73, § 1-204; Amended by Laws 2005 , HB 2028, c. 139, § 11, eff. 1/1/2006.Oklahoma Code Comment
The subject matter covered by old section 1-204 is now at revised section 1- 205 . Revised section 1-204 is based on old section 1-201(44) .
This section is set out more than once due to postponed, multiple, or conflicting amendments.