2011 Oregon Revised Statutes
ORS Volume 2, Chapters 56 - 89
ORS Chapter 71
71.2040 Value.
Except as otherwise provided in ORS chapters 73, 74 and 75, a person gives value for rights if the person acquires them:
(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; or
(4) In return for any consideration sufficient to support a simple contract. [1961 c.726 71.2040; 2009 c.181 11]
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