GroundRules
D.C. Code § 28:1-204: Value.
Where this section sits in the code
- Title 28. Commercial Instruments and Transactions. [Enacted title]
- Subtitle I. Uniform Commercial Code.
- Article 1. General Provisions.
- Part II. General Definitions and Principles of Interpretation.
Except as otherwise provided in Articles 3, 4, 5, and 12, 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.
Collected 2026-08-29T05:44:07Z. Source file · JSON