North Dakota § 41-01-12 - (1-204) Value
Full text of North Dakota North Dakota Century Code § 41-01-12 — (1-204) Value, with citation guidance and answers to common questions.
§ 41-01-12. (1-204) Value
Except as otherwise provided in chapters 41-03, 41-04, 41-05, and 41-12, a person gives value for rights if the person acquires the rights: 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 chargeback is provided for in the event of difficulties in collection; 2. As security for, or in total or partial satisfaction of, a pre-existing claim; 3. By accepting delivery under a pre-existing contract for purchase; or 4. In return for any consideration sufficient to support a simple contract.
Frequently Asked Questions About North Dakota § 41-01-12
What does North Dakota Century Code § 41-01-12 cover?
Section 41-01-12 ("(1-204) Value") is part of the North Dakota Century Code, the codified statutory law of North Dakota. 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 North Dakota § 41-01-12?
A common citation format is "North Dakota Century Code § 41-01-12" (North Dakota). 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 North Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Dakota official source linked on this page or consult a licensed North Dakota attorney.
How does North Dakota § 41-01-12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Dakota 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 North Dakota.