S.D. Codified Laws § 57A-1-204

Current through the 2024 Legislative Session

Section 57A-1-204 - Value

Except as otherwise provided in chapters 57A-3, 57A-4, 57A-5, 57A-6, and 57A-12, inclusive, 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.

SDCL 57A-1-204

SL 2008, ch 259, §12; SL 2024, ch 198, §2.

Amended by S.L. 2024, ch. 198,s. 2, eff. 7/1/2024.