30-1-212. Value. Except as otherwise provided in chapters 3 through 5, 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: En. Sec. 11, Ch. 575, L. 2005.