O.C.G.A.
O.C.G.A.

O.C.G.A. § 11-1-204 (2019)

Value

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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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.

History

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

Annotations

Editor’s notes. Ga. L. 2015, p. 996, § 3A-1/SB 65, effec-

tive January 1, 2016, redesignated former Code Section 11-1-204 as present Code Section 11-1-205.

Notes of Decisions
Cited in 5 cases, 1988–2009 · leading case: Wal-Mart Stores, Inc. v. Wheeler, 586 S.E.2d 83 (Ga. Ct. App. 2003).
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Wal-Mart Stores, Inc. v. Wheeler, 586 S.E.2d 83 (Ga. Ct. App. 2003). · cites it 4× “And the Official Comments to UCC § 2-607 instruct that what constitutes a reason *609 able time in cases involving retail transactions is judged differently from those involving commercial transactions: The time of notification is to be determined by applying commercial…”
SPS Indus., Inc. v. Atl. Steel Co., 366 S.E.2d 410 (Ga. Ct. App. 1988). · cites it 2× “Whether a buyer rejected goods within a “reasonable time after their delivery” and seasonably notified the seller of the rejection is ordinarily a question of fact for determination by a jury under all of the facts and circumstances of the case.”
Car Transp. Brokerage Co. v. Blue Bird Body Co., 322 F. App'x 891 (11th Cir. 2009). · cites it 2× “O.C.G.A. § 11-1-204(2). See also Wal-Mart Stores, Inc.”
Alimenta (u.s.a.), Inc. v. Cargill, Inc., 861 F.2d 650 (11th Cir. 1988). · cites it 2× “§ 11-1-204(3), and the reasonable time for taking any action depends upon the nature, purpose and circumstances of such action, O.C.G.A. § 11-1-204(2). From a review of the record in this case there was sufficient evidence to submit the issue of seasonable notice to the jury for…”
Amatulli Imports, Inc. v. House of Persia, Inc., 383 S.E.2d 192 (Ga. Ct. App. 1989). · cites it 4× “” OCGA § 11-1-204 (3). “What is a reasonable time for taking any action depends on the nature, purpose and circumstances of such action.”
— 11-1-204(2) — 3 cases
Wal-Mart Stores, Inc. v. Wheeler, 586 S.E.2d 83 (Ga. Ct. App. 2003). “And the Official Comments to UCC § 2-607 instruct that what constitutes a reason *609 able time in cases involving retail transactions is judged differently from those involving commercial transactions: The time of notification is to be determined by applying commercial…”
Car Transp. Brokerage Co. v. Blue Bird Body Co., 322 F. App'x 891 (11th Cir. 2009). “O.C.G.A. § 11-1-204(2). See also Wal-Mart Stores, Inc.”
Alimenta (u.s.a.), Inc. v. Cargill, Inc., 861 F.2d 650 (11th Cir. 1988). “§ 11-1-204(3), and the reasonable time for taking any action depends upon the nature, purpose and circumstances of such action, O.C.G.A. § 11-1-204(2). From a review of the record in this case there was sufficient evidence to submit the issue of seasonable notice to the jury for…”
— 11-1-204(3) — 2 cases
Car Transp. Brokerage Co. v. Blue Bird Body Co., 322 F. App'x 891 (11th Cir. 2009). “O.C.G.A. § 11-1-204(2). See also Wal-Mart Stores, Inc.”
Alimenta (u.s.a.), Inc. v. Cargill, Inc., 861 F.2d 650 (11th Cir. 1988). “§ 11-1-204(3), and the reasonable time for taking any action depends upon the nature, purpose and circumstances of such action, O.C.G.A. § 11-1-204(2). From a review of the record in this case there was sufficient evidence to submit the issue of seasonable notice to the jury for…”
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