57A-1-204. Value.
Except as otherwise provided in chapters 57A-3, 57A-4, and 57A-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.
Source: SL 2008, ch 259, §12.