2015 Mississippi Code
Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS
Chapter 1 - UNIFORM COMMERCIAL CODE -- REVISED ARTICLE 1. GENERAL PROVISIONS
Part 2 - GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION
§ 75-1-204 - Value
Except as otherwise provided in Articles 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.
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