See Note, remedy, acceptance, value, holder in due course, banker’s acceptance.

Note: By acceptance for value is implied a taking, an “acceptance” of something, in exchange for another thing previously provided, e.g. a using credit balance previously established to purchase something. Value, as peculiarly defined within the UCC, is an esoteric term, and implies that some sort of credit has been established beforehand, whereby the party with the credit may take/accept/purchase some item in commerce based on his credit, i.e. what is owed. It applies in numerous types of situations. Basically, if a party has established his position as a creditor of some sort, he can unilaterally accept (purchase/take) anything that would help reconcile the credit discrepancy by executing that particular transaction. Such a creditor, having essentially a credit balance, need not obtain anyone’s approval before so acting. One example of this is the acceptance for value of a document bearing the creditor’s TRADE NAME, e.g. the birth certificate. The source of all credit and accountability (value) associated with the TRADE NAME is the sovereign, flesh-and-blood man/woman from whose true name the TRADE NAME was derived.

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