<?xml version='1.0' encoding='utf-8'?>
<section article="gcl" article_name="Commercial Law" number="1-204" title_number="1" title_name="General Provisions" subtitle_number="2" subtitle_name="General Definitions and Principles of Interpretation">
  <text>Except as otherwise provided in §§ 3–303, 4–208, and 4–209 of this article, a person gives value for rights if the person acquires them:</text>
  <level label="1">
    <text>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;</text>
  </level>
  <level label="2">
    <text>As security for, or in total or partial satisfaction of, a preexisting claim;</text>
  </level>
  <level label="3">
    <text>By accepting delivery under a preexisting contract for purchase; or</text>
  </level>
  <level label="4">
    <text>In return for any consideration sufficient to support a simple contract.</text>
  </level>
</section>
