12A:1-204. Value.
12A:1-204. Value.
Except as otherwise provided in Chapters 3, 4, 5, and 6, 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.
L.2013, c.65, s.1.
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Last modified: October 11, 2016