Oregon Statutes 71.2040 – Value
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Except as otherwise provided in ORS chapters 73, 74 and 75, a person gives value for rights if the person acquires them:
Terms Used In Oregon Statutes 71.2040
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(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 charge-back 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. [1961 c.726 § 71.2040; 2009 c.181 § 11]