Minn. Stat. § 336.1-204

Current through Register Vol. 49, No. 8, August 19, 2024

Section 336.1-204 - VALUE

Except as otherwise provided in articles 3, 4, 5, and 12, 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.

Minn. Stat. § 336.1-204

2004 c 162 art 1 s 13

Amended by 2024 Minn. Laws, ch. 93,s 1-2, eff. 8/1/2024.