§ 1-204. Value

MD Comm L Code § 1-204 (2019) (N/A)
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Except as otherwise provided in §§ 3–303, 4–208, and 4–209 of this article, 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.