Texas Business and Commerce Code
Except as otherwise provided in Chapters 3, 4, and 5, a person gives value for rights if the person acquires them:
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;
as security for, or in total or partial satisfaction of, a preexisting claim;
by accepting delivery under a preexisting contract for purchase; or
in return for any consideration sufficient to support a simple contract.Amended by Acts 2003, 78th Leg., ch. 542, Sec. 1, eff. Sept. 1, 2003.