TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 1

UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS

PART 2.

GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION

28-1-204.  Value. Except as otherwise provided in chapters 3, 4, 5 and 6, title 28, Idaho Code, 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:

[28-1-204, added 2004, ch. 43, sec. 14, p. 148.]