Value

4-1-204. Value. Except as otherwise provided in articles 3, 4, 5, 6, and 12 of this title 4, 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. Source: L. 2006: Entire article R&RE, p. 465, � 1, effective September 1. L. 2023: IP amended, (SB 23-090), ch. 136, p. 526, � 2, effective August 7. Editor's note: This section is similar to former � 4-1-201 (44) as it existed prior to 2006.