Value. — Alabama Code § 7-1-204
Alabama Code § 7-1-204 — Value.. Reproduced from the official Code of Alabama, with a citation summary, verification link, and related provisions.
§ 7-1-204. Value.
Except as otherwise provided in Articles 3, 4, 5, and 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.
Source: official Alabama text · Last verified 2026-08-27
At a glance
- Citation: Code of Alabama § 7-1-204
- Jurisdiction: Alabama
- Code: Code of Alabama
- Subject: Value.
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Code of Alabama. Confirm it against the primary source before relying on it:
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Common questions
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The text above is transcribed from the Code of Alabama, the codified statutes of Alabama. The official publisher link appears under "Verify the text" on this page.
What subject does Code of Alabama § 7-1-204 address?
It addresses "Value.". Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
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Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Alabama source before relying on this text.
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