Legislation

Section 1--204. Value.

Except as otherwise provided in articles 3, 4, 5, and 12 of this act a
person gives value for rights if the person acquires them:

(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;
or

(d) in return for any consideration sufficient to support a simple
contract.