Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

value received

Consideration that has been delivered. ( This phrase is commonly used in a bill of exchange or promissory note to show that it was supported by consideration.

value received.

See VALUE RECEIVED. The significance, desirability, or utility of something. 3. Sufficient contractual consideration. - value, vb. - valuation, n. "Value also includes paying or securing a preexisting debt, and in this regard value is broader than commonlaw consideration. Thus, a debtor receives value in satisfying an antecedent claim (as by paying an overdue account or an outstanding loan or by transferring property to vindicate a preexisting interest in it) or in providing collateral for a previously unsecured creditor. It makes no difference that the debtor got nothing new, in terms of property added to her estate, at the time of the transfer." David G. Epstein et al., Bankruptcy § 6-49, at 374 (1993).