47-1204 - Arizona Statutes

47-1204. Value Except as otherwise provided in chapters 3, 4 and 5 of this title, 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.