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2020 Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 1 - UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS
Part 2 - GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION
Section 28-1-204 - VALUE.
Universal Citation: ID Code § 28-1-204 (2020)
28-1-204. VALUE. Except as otherwise provided in chapters 3, 4, 5 and 6, title 28, Idaho Code, 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:
[28-1-204, added 2004, ch. 43, sec. 14, p. 148.]
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