401.204 Value. - Wisconsin Statutes

401.204

401.204 Value. Except as otherwise provided in chs. 403, 404, 405, and 406, a person gives value for rights if the person acquires them under any of the following circumstances:

401.204 - ANNOT.

NOTE: Chapter 406 was repealed by 2009 Wis. Act 110. Corrective legislation is pending.

401.204(1)

(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.

401.204(2)

(2) As security for, or in total or partial satisfaction of, a preexisting claim.

401.204(3)

(3) By accepting delivery under a preexisting contract for purchase.

401.204(4)

(4) In return for any consideration sufficient to support a simple contract.

401.204 - ANNOT.

History: 2009 a. 320.