Cal. Commercial Code § 1204
Cal. Commercial Code § 1204
California · California Commercial Code · Status: effective · Effective 2024-01-01
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- Citation
- Cal. Commercial Code § 1204, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/790221
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Full text
Except as otherwise provided in Divisions 3, 4, 5, 6, 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 chargeback 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.