The Florida Senate

671.211  Value.--Except as otherwise provided with respect to negotiable instruments and bank collections as provided in ss. 673.3031, 674.2101, and 674.2111, 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.

History.--s. 17, ch. 2007-134.