Except as otherwise provided in Articles 3, 4 and 5 of the Uniform Commercial Code, a person gives value for rights if the person acquires them:

1. (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. (2) as security for, or in total or partial satisfaction of, a preexisting claim;
3. (3) by accepting delivery under a preexisting contract for purchase; or

4. (4) in return for any consideration sufficient to support a simple contract.

   Oklahoma Code Comment

   The subject matter covered by old section 1-204 is now at revised section 1- 205. Revised section 1-204 is based on old section 1-201(44).

Laws 1961, SB 36, p. 73, § 1-204; Amended by Laws 2005, HB 2028, c. 139, § 11, eff. January 1, 2006 (superseded document available).