North Dakota § 41-01-12 (1-204) Value

North Dakota Statutes

§ 41-01-12 — (1-204) Value

North Dakota § 41-01-12

Title 41Uniform Commercial Code

Ch. 41-01General Provisions

This text of North Dakota § 41-01-12 ((1-204) Value) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-01-12 (2026).

Text

Except as otherwise provided in chapters 41-03, 41-04, 41-05, and 41-12, a person gives value for rights if the person acquires the rights:

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 chargeback is provided for in the event of difficulties in collection;

2.As security for, or in total or partial satisfaction of, a pre-existing claim;

3.By accepting delivery under a pre-existing contract for purchase; or

4.In return for any consideration sufficient to support a simple contract.

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Except as otherwise provided in chapters 41-03, 41-04, 41-05, and 41-12, a person gives
value for rights if the person acquires the rights:
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 chargeback is
provided for in the event of difficulties in collection;
2. As security for, or in total or partial satisfaction of, a pre-existing claim;
3. By accepting delivery under a pre-existing contract for purchase; or
4. In return for any consideration sufficient to support a simple contract.