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.
Structure Code of Alabama
Article 1 - General Provisions.
Part 2 - General Definitions and Principles of Interpretation.
Section 7-1-201 - General Definitions.
Section 7-1-202 - Notice; Knowledge.
Section 7-1-203 - Lease Distinguished From Security Interest.
Section 7-1-205 - Reasonable Time; Seasonableness.
Section 7-1-206 - Presumptions.
Section 7-1-207 - Performance or Acceptance Under Reservation of Rights.