Texas Business and Commerce Code
Sec. § 1.204
Value


Except as otherwise provided in Chapters 3, 4, and 5, 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 Acts 2003, 78th Leg., ch. 542, Sec. 1, eff. Sept. 1, 2003.
Source
Last accessed
Oct. 21, 2019