N.D. Cent. Code § 41-01-12

Current through the 2023 Legislative Sessions

Section 41-01-12 - (1-204) Value

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.

N.D.C.C. § 41-01-12

Amended by S.L. 2023 , ch. 371( HB 1082 ), § 2, eff. 8/1/2023.