Value.

Except as otherwise provided in Articles 3 , 4 , 5 , and 14 , 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. 2007 Acts, ch 41, §16, 57 ; 2022 Acts, ch 1117, §12