Kentucky Statutes 355.1-204 – Value
Current as of: 2024 | Check for updates
|
Other versions
Except as otherwise provided in Articles 3, 4, and 5 of this chapter, 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.
Effective: July 12, 2006
History: Repealed and reenacted 2006 Ky. Acts ch. 242, sec. 12, effective July 12,
2006. — Created 1958 Ky. Acts ch. 77, sec. 1-204, effective July 1, 1960.
(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;
Terms Used In Kentucky Statutes 355.1-204
- Contract: A legal written agreement that becomes binding when signed.
(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.
Effective: July 12, 2006
History: Repealed and reenacted 2006 Ky. Acts ch. 242, sec. 12, effective July 12,
2006. — Created 1958 Ky. Acts ch. 77, sec. 1-204, effective July 1, 1960.