2017 New Jersey Revised Statutes
TITLE 12A - COMMERCIAL TRANSACTIONS
Section 12A:1-204 - Value.

12A:1-204. Value.

12A:1-204. Value.

Except as otherwise provided in Chapters 3, 4, 5, and 6, 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.

L.2013, c.65, s.1.

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