Basic Uniform Commercial Code


[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.
Copyright, The American Law Institute

A preexisting duty is not value if given again.