Except as otherwise provided in articles 3, 4, and 5 of this title, a person gives value for rights if the person acquires them:
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;
As security for, or in total or partial satisfaction of, a preexisting claim;
By accepting delivery under a preexisting contract for purchase; or
In return for any consideration sufficient to support a simple contract.
Source: L. 2006: Entire article R&RE, p. 465, § 1, effective September 1.
Editor's note: This section is similar to former § 4-1-201 (44) as it existed prior to 2006. 4-1-205. Reasonable time - seasonableness. (a) Whether a time for taking an action required by this title is reasonable depends on the nature, purpose, and circumstances of the action.
(b) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.
Source: L. 2006: Entire article R&RE, p. 466, § 1, effective September 1.
Editor's note: This section is similar to former § 4-1-204 (2) and (3) as it existed prior to 2006.