§ 6A-1-204. Value.
Except as otherwise provided in chapters 3, 4, 5, and 12 of this title, 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 of Section.
P.L. 1960, ch. 147, § 1; P.L. 2007, ch. 19, § 2; P.L. 2007, ch. 34, § 2; P.L. 2014,
ch. 528, § 42; P.L. 2024, ch. 65, § 1, effective June 10, 2024; P.L. 2024, ch. 66,
§ 1, effective June 10, 2024.