355.1-204 Value. Except as otherwise provided in Articles 3, 4, and 5 of this chapter, 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. Effective: July 12, 2006 History: Repealed and reenacted 2006 Ky. Acts ch. 242, sec. 12, effective July 12, 2006. -- Created 1958 Ky. Acts ch. 77, sec. 1-204, effective July 1, 1960.
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