New Mexico § 55-1-204 Value

New Mexico Statutes

§ 55-1-204 — Value

New Mexico·Ch. 55 Uniform Commercial Code·Art. 1 General Provisions

Except as otherwise provided in Chapter 55, Articles 3, 4, 5 and 12 NMSA 1978, 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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Except as otherwise provided in Chapter 55, Articles 3, 4, 5 and 12 NMSA 1978, 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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