"Value"

"Value". Except as otherwise provided in Articles 3, 4, 5, 6, and 12 of the Uniform Commercial Code, 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. Added by Laws 1961, p. 73, § 1-204. Amended by Laws 2005, c. 139, § 11, eff. Jan. 1, 2006; Laws 2024, c. 13, § 2, eff. Nov. 1, 2024.