New York Uniform Commercial Code Law Section 1-204 - Value.

Section 1--204. Value.
Except  as  otherwise provided in articles 3, 4, and 5, 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.

Last modified: February 3, 2019