Ohio Code 1301.204 – Value – UCC 1-204
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Value [UCC 1-204]
Terms Used In Ohio Code 1301.204
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
Except as otherwise provided in Chapters 1303., 1304., and 1305. of the Revised Code, a person gives value for rights if the person acquires them:
(A) 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;
(B) As security for, or in total or partial satisfaction of, a preexisting claim;
(C) By accepting delivery under a preexisting contract for purchase; or
(D) In return for any consideration sufficient to support a simple contract.