Value

Except as otherwise provided in Chapter 55, Articles 3, 4, 5 and 12 NMSA 1978, 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. History: 1953 Comp., § 50A-1-204, enacted by Laws 1961, ch. 96, § 1-204; 1978 Comp., § 55-1-204, repealed and reenacted by Laws 2005, ch. 144, § 12; 2023, ch. 142, § 2.