UCC General Provisions (Articles 1, 10 and 11) 

North Dakota Code > Title 41 > Chapter 41-01 > § 41-01-12 - (1-204) Value

Except as otherwise provided in chapters 41-03, 41-04, and 41-05, 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 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.

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See also:

North Dakota Code > Chapter 41-01 - General Provisions

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