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.
Pennsylvania Legal Code