Value for rights.

Sec. 1204. Except as otherwise provided in articles 3, 4, and 5, a person gives value for rights if the person acquires them for any of the following: (a) 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. (b) As security for, or in total or partial satisfaction of, a preexisting claim. (c) By accepting delivery under a preexisting contract for purchase. (d) In return for any consideration sufficient to support a simple contract.