§ 6A-1-204 - Value. - Rhode Island Statutes

SECTION 6A-1-204

   § 6A-1-204  Value. – Except as otherwise provided in Chapters 3, 4, and 5, a person gives value forrights if the person acquires them:

   (1) In return for a binding commitment to extend credit orfor the extension of immediately available credit, whether or not drawn uponand whether or not a charge-back is provided for in the event of difficultiesin collection;

   (2) As security for, or in total or partial satisfaction of,a preexisting claim;

   (3) By accepting delivery under a preexisting contract forpurchase; or

   (4) In return for any consideration sufficient to support asimple contract.