§ 490-1-204

§490:1-204 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. [L 2004, c 162, pt of §1; am L 2023, c 132, §3]