Except as otherwise provided in Chapter 3, Uniform Commercial Code - Negotiable Instruments, Chapter 4, Uniform Commercial Code - Bank Deposits and Collections, Chapter 5, Uniform Commercial Code - Letters of Credit, and Chapter 12, Uniform Commercial Code - Controllable Electronic Records, 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.

Amended by Chapter 322, 2026 General Session