{"data":{"id":"us-al/ala.-code-7-1-204","jurisdiction":"us-al","citation":"Ala. Code § 7-1-204","heading":"Value.","body":"Except as otherwise provided in Articles 3, 4, 5, and 12, a person gives value for rights if the person acquires them:\n(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;\n(2) As security for, or in total or partial satisfaction of, a preexisting claim;\n(3) By accepting delivery under a preexisting contract for purchase; or\n(4) In return for any consideration sufficient to support a simple contract.","path":["Title 7 Commercial Code.","Article 1 General Provisions.","Part 2 General Definitions and Principles of Interpretation."],"source_url":"https://alison.legislature.state.al.us/code-of-alabama?section=7-1-204","current_through":"Act 2026-611","vintage":"","retrieved_at":"2026-09-03T14:01:51Z","sha256":"49389d6d6882379113335ca13e555e950b73c7afef733b1d6a6d4062a6b1a8cb","source_id":"us-al","stale":false,"prev":"us-al/ala.-code-7-1-203","next":"us-al/ala.-code-7-1-205"},"notice":"GroundRules: Original legal text. Not legal advice."}