Rhode Island General Laws

R.I. Gen. Laws § 6A-3-303 (2026)

Value and consideration

✓ current as of July 2026

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(a) An instrument is issued or transferred for value if:

(1) The instrument is issued or transferred for a promise of performance, to the extent the promise has been performed;

(2) The transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceeding;

(3) The instrument is issued or transferred as payment of, or as security for, an antecedent claim against any person, whether or not the claim is due;

(4) The instrument is issued or transferred in exchange for a negotiable instrument; or

(5) The instrument is issued or transferred in exchange for the incurring of an irrevocable obligation to a third party by the person taking the instrument.

(b) “Consideration” means any consideration sufficient to support a simple contract. The drawer or maker of an instrument has a defense if the instrument is issued without consideration. If an instrument is issued for a promise of performance, the issuer has a defense to the extent performance of the promise is due and the promise has not been performed. If an instrument is issued for value as stated in subsection (a), the instrument is also issued for consideration.

Notes of Decisions

Cited in 2 cases (1 in the last 5 years), 1968–2023 · leading case: Washington Trust Co. v. Fatone, 244 A.2d 848 (R.I. 1968).

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Washington Trust Co. v. Fatone, 244 A.2d 848 (R.I. 1968). · cites it 3× “These alternative contentions, however, if otherwise meritorious, overlook the controlling significance of §6A-4-208(b) as it relates to §6A-3-303 and §6A-3-302. Section 6A-4-208 provides in pertinent part: “Security interest of collecting bank in items, accompanying documents…”

Debra DiMaggio v. Ethan Tucker (R.I. 2023). · cites it 3× “Tucker’s argument as to the lack of consideration failed on the ground that, pursuant to G.L. 1956 § 6A-3-303, “a promissory note provided to evidence an antecedent obligation, such as a debt, does not need to be supported by consideration independent of that which was…”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.