Michigan § 440.1204 - Value for rights.
Full text of Michigan Michigan Compiled Laws § 440.1204 — Value for rights., with citation guidance and answers to common questions.
§ 440.1204. Value for rights.
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.
Frequently Asked Questions About Michigan § 440.1204
What does Michigan Compiled Laws § 440.1204 cover?
Section 440.1204 ("Value for rights.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 440.1204?
A common citation format is "Michigan Compiled Laws § 440.1204" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 440.1204 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.