
§ 1.204. VALUE.  Except as otherwise provided in Chapters 
3, 4, and 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.

Amended by Acts 2003, 78th Leg., ch. 542, § 1, eff. Sept. 1, 
2003.

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Last modified: August 10, 2007