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to support a simple contract.Former § 75-1-204 [Codes, 1942, § 41A:1-204; Laws, 1966, ch. 316, § 1-204, eff. 3/31/1968; repealed by Laws, 2010, ch. 506, § 44, eff. 7/1/2010] is now found in comparable provisions at §§ 75-1-205 and 75-1-302(b), enacted by Laws, 2010, ch. 506, § 3, eff. 7/1/2010; Present § 75-1-204 is derived from former § 75-1-201(44)[Codes, 1942, § 41A:1-201; Laws, 1966, ch. 316, § 1-201; Laws, 1977, ch. 452, § 2; Laws, 1990, ch. 384, § 45; Laws, 1992, ch. 420, § 69; Laws, 1994, ch. 445, § 3; Laws, 2001, ch. 495, § 5; Laws, 2006, ch. 527, § 41; Laws, 2007, ch. 355, § 34; Laws, 2007, ch. 381, § 34, eff. 3/15/2007; repealed by Laws, 2010, ch. 506, § 44, eff. 7/1/2010] and was enacted by Laws, 2010, ch. 506, § 3, eff. 7/1/2010.