Except as otherwise provided in articles 3, 4 and 5, 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.
(1959, P.A. 133, S. 1-204; P.A. 05-109, S. 10.)
History: P.A. 05-109 amended section to adopt the 2001 Revision of Uniform Commercial Code Article 1–General Provisions.
Cited. 172 C. 112; 183 C. 266.