(810 ILCS 5/1-204) (from Ch. 26, par. 1-204)
Sec. 1-204. Value. Except as otherwise provided in Articles 3, 4, 5, and 6, 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.
(Source: P.A. 95-895, eff. 1-1-09.)
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Last modified: February 18, 2015