554.1204 Value. Except as otherwise provided in Articles 3, 4, 5, and 14, 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 providedfor 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; or4. in return for any consideration sufficient to support a simple contract.2007 Acts, ch 41, §16, 57; 2022 Acts, ch 1117, §12 Sat Dec 23 01:49:12 2023 Iowa Code 2024, Section 554.1204 (25, 0)
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