Except as otherwise provided in Divisions 3 (relating to negotiable instruments), 4 (relating to bank deposits and collections) , 5 (relating to letters of credit) and 12 (relating to controllable electronic records), 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.Amended by P.L. (number not assigned at time of publication) 2024 No. 41,§ 3, eff. 8/30/2024.2008, April 16, P.L. 57, No. 13, §1.1, effective in 60 days [ 6/16/2008].