554.1204  Value.
  Except as otherwise provided in Articles 3, 4, and 5, 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; or
  4.  in return for any consideration sufficient to support a simple contract.
2007 Acts, ch 41, §16, 57
Former §554.1204 transferred to §554.1205; 
2007 Acts, ch 41, §52