Value.

Except as otherwise provided in Articles 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.

[2012 c 214 § 112; 1965 ex.s. c 157 § 1-204.]

Notes: