N.Y. U.C.C. 1-204

Section 1--204. Value.\n Except as otherwise provided in articles 3, 4, 5, and 12 of this act a\nperson gives value for rights if the person acquires them:\n (a) in return for a binding commitment to extend credit or for the\nextension of immediately available credit, whether or not drawn upon and\nwhether or not a charge-back is provided for in the event of\ndifficulties in collection;\n (b) as security for, or in total or partial satisfaction of, a\npreexisting claim;\n (c) by accepting delivery under a preexisting contract for purchase;\nor\n (d) in return for any consideration sufficient to support a simple\ncontract.\n