Pennsylvania § 1204 - Value.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 1204 — Value., with citation guidance and answers to common questions.
§ 1204. Value.
Except as otherwise provided in Divisions 3 (relating to negotiable instruments), 4 (relating to bank deposits and collections), 5 (relating to letters of credit) and 12 (relating to controllable electronic records), 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.
(July 1, 2024, P.L.450, No.41, eff. 60 days)
2024 Amendment. Act 41 amended the intro. par. See section 1 of Act 41 in the appendix to this title for special provisions relating to findings and declarations.
Frequently Asked Questions About Pennsylvania § 1204
What does Pennsylvania Consolidated Statutes § 1204 cover?
Section 1204 ("Value.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 1204?
A common citation format is "Pennsylvania Consolidated Statutes § 1204" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 1204 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.