§ 1-204
101 words·~1 min read·
/md/commercial-law/1-204A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§1–204.
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:
(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.