47-1204

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.