CODE OF VIRGINIA

VALUE (§ 8.1A-204)

Except as otherwise provided in Titles 8.3A, 8.4, 8.5A, and 8.12, 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.

HISTORY: 1964, c. 219, § 8.1-201 (44); 1973, c. 509; 1984, c. 613; 1991, c.
536; 1992, c. 693; 2000, c. 1007; 2003, c. 353; 2011, c. 369; 2024, c. 652.