Value

Except as otherwise provided in Articles 3, 4, 5, and 6 of this title, 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. Code 1981, § 11-1-204, enacted by Ga. L. 2015, p. 996, § 3A-1/SB 65. Editor’s notes. Ga. L. 2015, p. 996, § 3A-1/SB 65, effec- tive January 1, 2016, redesignated former Code Section 11-1-204 as present Code Section 11-1-205. 11-1-205. Reasonable time; seasonableness.