Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 1. · Article 1. GENERAL PROVISIONS · Part 2. GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION

11-1-204. Value.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Except as otherwise provided in Articles 3, 4, 5, and 12 of this title, 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.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-1-204, enacted by Ga. L. 2015, p. 996, § 3A-1/SB 65; Ga. L. 2024, p. 817, § 5-3/HB 1240, effective July 1, 2024.

Amendments

The 2024 amendment, effective July 1, 2024, substituted “and 12” for “and 6” in the middle of the introductory paragraph.

Editor's notes

Ga. L. 2024, p. 817, § 1-1/HB 1240, not codified by the General Assembly, provides: “This Act shall be known and may be cited as the ‘Uniform Commercial Code Modernization Act of 2024.’” Ga. L. 2024, p. 817, § 1-2/HB 1240, not codified by the General Assembly, provides: “Nothing in this Act shall be construed to support, endorse, create, or implement a national digital currency.”

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-pdf.pdf, Volume V9, 2022 edition, 2025 supplement, page 13; merge action: replaced; file SHA-256 df9393c4ba3b.