Value

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Except as otherwise provided in Chapters 3, 4, and 5, a person gives value for rights if the person acquires them:

  1. (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. (2) as security for, or in total or partial satisfaction of, a preexisting claim;

  3. (3) by accepting delivery under a preexisting contract for purchase; or

  4. (4) in return for any consideration sufficient to support a simple contract.


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