Section 355.1-204 - [Effective Until 1/1/2025] ValueExcept as otherwise provided in Articles 3, 4, and 5 of this chapter, 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.Effective:7/12/2006
Repealed and reenacted 2006, Ky. Acts ch. 242, sec. 12, effective7/12/2006. -- Created 1958 Ky. Acts ch. 77, sec. 1-204, effective 7/1/1960.This section is set out more than once due to postponed, multiple, or conflicting amendments.