34.1-1-204. Value.
(a) Except as otherwise provided in articles 3, 4 and 5 of this title, a person gives value for rights if the person acquires them:
(i) 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;
(ii) As security for, or in total or partial satisfaction of, a preexisting claim;
(iii) By accepting delivery under a preexisting contract for purchase; or
(iv) In return for any consideration sufficient to support a simple contract.
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