2016 Oklahoma Statutes
Title 12A. Commercial Code
§12A-1-204. "Value".
“Value”.
Except as otherwise provided in Articles 3, 4 and 5 of the Uniform Commercial 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.
Added by Laws 1961, p. 73, § 1-204. Amended by Laws 2005, c. 139, § 11, eff. Jan. 1, 2006.
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