Effective 28 Aug 2017
400.1-204. Value. — Except as otherwise provided in articles 3, 4, and 5, 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.
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(L. 1963 p. 503 § 1-204, A.L. 2017 H.B. 34)
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