401.204 Value.
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NOTE: Chapter 406 was repealed by 2009 Wis.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.