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California Commercial Code Section 1204Legal Research Home > California Lawyer > Commercial Code > California Commercial Code Section 1204 Except as otherwise provided in Divisions 3, 4, 5, and 6, 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 chargeback 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.Section: Previous 1201 1202 1203 1204 1205 1206 1108 Next California Lawyers
Last modified: July 31, 2008 |