Except as otherwise provided in Chapters 3, 4, 4A, 5, and 6 of this title, a person gives value for rights if the person acquires them:

1. (a) 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; or
2. (b) as security for, or in total or partial satisfaction of, a preexisting claim; or
3. (c) by accepting delivery under a preexisting contract for purchase; or
4. (d) in return for any consideration sufficient to support a simple contract.

HISTORY: 1962 Code Section 10.1-201; 1966 (54) 2716; 1988 Act No. 494, Section 2; 1991 Act No. 161, Section 2(A); 2001 Act No. 67, Section 3; former 1976 Code Section 36-1-201; 2014 Act No. 213 (S.343), Section 1, eff October 1, 2014.

Editor's Note

2014 Act No. 213, Section 51, provides as follows:

"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."