Arizona Laws 47-1204. Value
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Except as otherwise provided in chapters 3, 4 and 5 of this title, a person gives value for rights if the person acquires them:
Terms Used In Arizona Laws 47-1204
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
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.