Tennessee § 47-1-204 - Value.
Full text of Tennessee Tennessee Code Annotated § 47-1-204 — Value., with citation guidance and answers to common questions.
§ 47-1-204. Value.
Except as otherwise provided in chapters 3, 4, and 5 of this title, a person gives value for rights if the person acquires them: 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; As security for, or in total or partial satisfaction of, a preexisting claim; By accepting delivery under a preexisting contract for purchase; or In return for any consideration sufficient to support a simple contract. Acts 2008, ch. 930, § 1. Compiler's Notes. This revised chapter 1 replaces former chapter 1, effective July 1, 2008. Former chapter 1, §§ 47-1-101 — 47-1-110 , 47-1-201 — 47-1-208 (Acts 1963, ch. 81, §§ 1 (1-101) — 1 (1-108), 1 (1-201) — 1 (1-208), 1 (10-102(2)), 1 (10-105); 1983, ch. 154, § 1; 1985, ch. 404, §§ 1, 2; 1986, ch. 737, § 53; 1987, ch. 225, § 16; 1991, ch. 52, § 2; 1993, ch. 398, §§ 2, 3; 1995, ch. 397, § 1; 1997, ch. 66, §§ 1, 2; 1997, ch. 79, §§ 15, 16; 1997, ch. 272, §§ 3, 4; 1998, ch. 641, § 2; 1998, ch. 675, § 4; 2000, ch. 846, §§ 2, 3; 2002, ch. 522, § 1), concerning general provisions of the Uniform Commercial Code, was repealed by Acts 2008, ch. 930, § 1, effective July 1, 2008, which enacted this revised chapter 1. Effective Dates. Acts 2008, ch. 930, § 15. July 1, 2008. Cited: Baptist Mem. Hosp. v. Argo Constr. Corp., 308 S.W.3d 337, 2009 Tenn. App. LEXIS 502 (Tenn. Ct. App. July 29, 2009).
Frequently Asked Questions About Tennessee § 47-1-204
What does Tennessee Code Annotated § 47-1-204 cover?
Section 47-1-204 ("Value.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. 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 Tennessee § 47-1-204?
A common citation format is "Tennessee Code Annotated § 47-1-204" (Tennessee). 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 Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 47-1-204 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee 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 Tennessee.