North Dakota Code 41-01-12 – (1-204) Value
Current as of: 2023 | Check for updates
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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:
Terms Used In North Dakota Code 41-01-12
- Contract: A legal written agreement that becomes binding when signed.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
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.