401.204 Value. Except as otherwise provided in chs. 403, 404, and 405, a person gives value for rights if the person acquires them under any of the following circumstances:
(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.
(4) In return for any consideration sufficient to support a simple contract.
History: 2009 a. 320; 2011 a. 257.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 401 - Uniform commercial code — general provisions.
401.104 - Construction against implied repeal.
401.106 - Use of singular and plural; gender.
401.201 - General definitions.
401.203 - Lease distinguished from security interest.
401.205 - Reasonable time; seasonableness.
401.301 - Territorial applicability; parties' power to choose applicable law.
401.302 - Variation by agreement.
401.303 - Course of performance, course of dealing, and usage of trade.
401.304 - Obligation of good faith.
401.305 - Remedies to be liberally administered.
401.306 - Waiver or renunciation of claim or right after breach.
401.307 - Prima facie evidence by 3rd-party documents.
401.308 - Performance or acceptance under reservation of rights.