General Laws

[ Text of section effective until July 1, 2013. For text effective July 1, 2013, see below.]

  Section 1-204. (1) Whenever this chapter requires 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.

Chapter 106: Section 1-204. Value

[ Text of section as recodified by 2013, 30, Sec. 2 effective July 1, 2013 applicable as provided by 2013, 30, Sec. 116. For text effective until July 1, 2013, see above.]

  Section 1-204. Except as otherwise provided in articles 3, 4 and 5, 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.