2016 Florida Statutes
TITLE XXXIX - COMMERCIAL RELATIONS
Chapter 671 - UNIFORM COMMERCIAL CODE: GENERAL PROVISIONS
Part II - GENERAL DEFINITIONS AND PRINCIPLES OFINTERPRETATION (ss. 671.201-671.213)
671.211 - Value.
671.211 Value.—Except as otherwise provided with respect to negotiable instruments and bank collections as provided in ss. 673.3031, 674.2101, and 674.2111, 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.—s. 17, ch. 2007-134.
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