§ 1.204

§§ 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.74 Del. Laws, c. 332, § 1; 84 Del. Laws, c. 174, § 2;