47-1204. Value
Except as otherwise provided in chapters 3, 4 and 5 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.
Section: Previous 47-1105 47-1106 47-1107 47-1108 47-1201 47-1202 47-1203 47-1204 47-1205 47-1206 47-1301 47-1302 47-1303 47-1304 47-1305 NextLast modified: October 13, 2016