TITLE 11 COMMERCIAL CODE

Section 1. General Provisions, 11-1-101 through 11-1-209.

ARTICLE 1 GENERAL PROVISIONS

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.

(Code 1981, §11-1-204, enacted by Ga. L. 2015, p. 996, § 3A-1/SB 65.)