Basic Uniform Commercial Code
[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.
Copyright, The American Law Institute
A preexisting duty is not value if given again.