Except as otherwise provided in articles 3, 4 and 5, 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.
(1959, P.A. 133, S. 1-204; P.A. 05-109, S. 10.)
History: P.A. 05-109 amended section to adopt the 2001 Revision of Uniform Commercial Code Article 1–General Provisions.
Cited. 172 C. 112; 183 C. 266.
Structure Connecticut General Statutes
Title 42a - Uniform Commercial Code
Article 1 - General Provisions
Section 42a-1-101. - Short titles.
Section 42a-1-102. - Scope of article.
Section 42a-1-104. - Construction against implied repeal.
Section 42a-1-105. - Severability.
Section 42a-1-106. - Use of singular and plural; gender.
Section 42a-1-107. - Waiver or renunciation of claim or right after breach.
Section 42a-1-108. - Relation to Electronic Signatures in Global and National Commerce Act.
Section 42a-1-201. - General definitions.
Section 42a-1-202. - Notice; knowledge.
Section 42a-1-203. - Lease distinguished from security interest.
Section 42a-1-205. - Reasonable time; seasonableness.
Section 42a-1-206. - Presumptions.
Section 42a-1-301. - Territorial applicability; parties' power to choose applicable law.
Section 42a-1-302. - Variation by agreement.
Section 42a-1-303. - Course of performance, course of dealing and usage of trade.
Section 42a-1-304. - Obligation of good faith.
Section 42a-1-305. - Remedies to be liberally administered.
Section 42a-1-306. - Waiver or renunciation of claim or right after breach.
Section 42a-1-307. - Prima facie evidence by third-party documents.
Section 42a-1-308. - Performance or acceptance under reservation of rights.