CODE OF VIRGINIA

VALUE (§ 8.1a-204)

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