Wis. Stat. § 401.204
Value
Redline — January 1, 2003 → current.View current text →
Current — January 1, 2011
As of January 1, 2003
(1) Whenever chs. 401 to 411 require any action to be taken within a reasonable time, any time which is not manifestly unreasonable may be fixed by agreement.
(2) What is a reasonable time for taking any action depends on the nature, purpose and circumstances of such action.
(3) An action is taken "seasonably" when it is taken at or within the time agreed or if no time is agreed at or within a reasonable time.
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.
Official source: Wisconsin State Legislature. Reproduced from public-domain Wisconsin statutes; confirm against the official source for the current text. Not legal advice.