ORS § 71.2040

Current through 2024 Regular Session legislation

Section 71.2040 - Value

Except as otherwise provided in ORS chapters 73, 74 and 75, a person gives value for rights if the person acquires them:

(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.

ORS 71.2040

1961 c.726 § 71.2040; 2009 c. 181, § 11