Mich. Comp. Laws § 440.1204
Value for rights.
Michigan · Michigan Compiled Laws — UNIFORM COMMERCIAL CODE (Act 174 of 1962) · Status: effective
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- Citation
- Mich. Comp. Laws § 440.1204, Value for rights, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1361727
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Full text
Except as otherwise provided in articles 3, 4, and 5, a person gives value for rights if the person acquires them for any of the following:
(a) 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.
(b) As security for, or in total or partial satisfaction of, a preexisting claim.
(c) By accepting delivery under a preexisting contract for purchase.
(d) In return for any consideration sufficient to support a simple contract.