2012 Utah Code
Title 70A - Uniform Commercial Code
Article 1a - Uniform Commercial Code - General Provisions
Section 204 - Value.

Except as otherwise provided in Chapters 3, Uniform Commercial Code - Negotiable Instruments, 4, Uniform Commercial Code - Bank Deposits and Collections, and 5, Uniform Commercial Code - Letters of Credit, 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.

Enacted by Chapter 272, 2007 General Session