KRS 355.1-204: Value.

Except as otherwise provided in Articles 3, 4, 5, and 12 of this chapter, 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.