336.1-204 MS 2002 [Repealed, 2004 c 162 art 1 s 26] 336.1-204 VALUE.
Except as otherwise provided in articles 3, 4, and 5, 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 chargeback 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: 2004 c 162 art 1 s 13
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