Part 2. General Definitions and Principles of Interpretation
Except as otherwise provided in Chapters 1303., 1304., and 1305. of the Revised Code, a person gives value for rights if the person acquires them:
(A) 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;
(B) As security for, or in total or partial satisfaction of, a preexisting claim;
(C) By accepting delivery under a preexisting contract for purchase; or
(D) In return for any consideration sufficient to support a simple contract.
Added by 129th General AssemblyFile No.9, HB 9, §1, eff. 6/29/2011.