Section 1-1204 - [Effective 7/1/2025] ValueExcept as otherwise provided in Articles 3-A, 4 , 5-A and 12, 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; [2009, c. 325, Pt. A, §2(NEW); 2009, c. 325, Pt. A, §4(AFF).]
(2). As security for, or in total or partial satisfaction of, a preexisting claim; [2009, c. 325, Pt. A, §2(NEW); 2009, c. 325, Pt. A, §4(AFF).]
(3). By accepting delivery under a preexisting contract for purchase; or [2009, c. 325, Pt. A, §2(NEW); 2009, c. 325, Pt. A, §4(AFF).]
(4). In return for any consideration sufficient to support a simple contract. [2009, c. 325, Pt. A, §2(NEW); 2009, c. 325, Pt. A, §4(AFF).]
Amended by 2024, c. 669,§ A-10, eff. 7/1/2025.2009, c. 325, Pt. A, §2 (NEW) . 2009, c. 325, Pt. A, §4 (AFF) .This section is set out more than once due to postponed, multiple, or conflicting amendments.