Section 57A-1-204 - [Effective 7/1/2024] Value Except as otherwise provided in chapters 57A-3, 57A-4, 57A-5, 57A-6, and sections 92 through 98 of this Act, inclusive, 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.Amended by S.L. 2024, ch. TBD,s. 2, eff. 7/1/2024.This section is set out more than once due to postponed, multiple, or conflicting amendments.