New Mexico Statutes 55-1-204. Value
Current as of: 2024 | Check for updates
|
Other versions
Except as otherwise provided in Chapter 55, Articles 3, 4, 5 and 12 NMSA 1978, a person gives value for rights if the person acquires them:
Terms Used In New Mexico Statutes 55-1-204
- Contract: A legal written agreement that becomes binding when signed.
(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.