2006 New Mexico Statutes - 55-1-204 — Value.

55-1-204. Value.

Except as otherwise provided in Chapter 55, 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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