Except as otherwise provided in chapters 3, 4, 5, and 12 of this title, 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.R.I. Gen. Laws § 6A-1-204
Amended by 2024 Pub. Laws, ch. 66,§ 1, eff. 6/10/2024.Amended by 2024 Pub. Laws, ch. 65,§ 1, eff. 6/10/2024.Amended by 2014 Pub. Laws, ch. 528, § 42, eff. 12/31/2014.P.L. 1960, ch. 147, § 1; P.L. 2007 , ch. 19, § 2; P.L. 2007 , ch. 34, § 2.