Except as otherwise provided in Articles 3, 4, 5, and 14, 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; or4. in return for any consideration sufficient to support a simple contract.Amended by 2022 Iowa, ch 1117, s 12, eff. 7/1/2022.2007 Acts, ch 41, §16, 57