Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/7-1-204.htm |
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Depth: | 0 singles |
Size: | 1,117 bytes |
Modified: | 2006-10-26 12:58:08 |
Categories: | -None- |
Title: | 7-1-204 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 7-1-204 Value. Except as otherwise provided in Articles 3, 4, and 5, 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. (Prior version of this section added by Acts 1965, No. 549, p. 811; repealed by Act 2004-524, p. 1070, §§1, 3; current section added by Act 2004-524, p. 1070, §1.) |