Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/1-204

    (810 ILCS 5/1-204) (from Ch. 26, par. 1-204)
    (Text of Section before amendment by P.A. 103-1036)
    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.)

(Text of Section after amendment by P.A. 103-1036)
Sec. 1-204. Value.

Except as otherwise provided in Articles 3, 4, 5, 6, and 12, a person gives value for rights if the person acquires them: