§ 1–204
Statutes in effect as of October 1, 2026.
Md. Code Ann., Com. Law § 1-204 (2026)
Title 1. General Provisions
Subtitle 2. General Definitions and Principles of Interpretation
§ 1–204LinkCopy Citation
Except as otherwise provided in §§ 3–303, 4–208, and 4–209 of this article, 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.