Section 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.Amended by Laws 2015 , ch. 124, § 1, eff. 7/1/2015.