401.204 Value.
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/wi/chapter-401/401-204A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.