{"data":{"id":"us-mi/mich.-comp.-laws-440.1204","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.1204","heading":"Value for rights.","body":"Sec. 1204.\n\nExcept 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:\n\n(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.\n\n(b) As security for, or in total or partial satisfaction of, a preexisting claim.\n\n(c) By accepting delivery under a preexisting contract for purchase.\n\n(d) In return for any consideration sufficient to support a simple contract.","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-1204","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"a956181fac199702d9bdf83f76f0c3b18d646fe44521e10a1067ab67ddf658f7","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.1203","next":"us-mi/mich.-comp.-laws-440.1205"},"notice":"GroundRules: Original legal text. Not legal advice."}