North Dakota § 41-01-12 (1-204) Value

North Dakota Statutes

§ 41-01-12 — (1-204) Value

North Dakota·Title 41 Uniform Commercial Code·Ch. 41-01 General Provisions

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.

North Dakota § 41-01-12 ((1-204) Value) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.