Except as otherwise provided in chapters 3, 4, and 5 of this title, 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. Acts 2008, ch. 930, § 1.
Tennessee Legal Code