Value. — Pennsylvania Code § 1204
Pennsylvania Code § 1204 — Value.. Reproduced from the official Pennsylvania Consolidated Statutes, with a citation summary, verification link, and related provisions.
§ 1204. Value.
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.
Source: official Pennsylvania text · Last verified 2026-08-27
At a glance
- Citation: Pennsylvania Consolidated Statutes § 1204
- Jurisdiction: Pennsylvania
- Code: Pennsylvania Consolidated Statutes
- Subject: Value.
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Pennsylvania Consolidated Statutes. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Pennsylvania attorney.
Common questions
What is the source of Pennsylvania Consolidated Statutes § 1204?
The text above is transcribed from the Pennsylvania Consolidated Statutes, the codified statutes of Pennsylvania. The official publisher link appears under "Verify the text" on this page.
What subject does Pennsylvania Consolidated Statutes § 1204 address?
It addresses "Value.". Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Pennsylvania Consolidated Statutes § 1204 still in force?
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