(740 ILCS 160/7) (from Ch. 59, par. 107)
Sec. 7.
For the purposes of this Act:
(a) a transfer is made:
(1) with respect to an asset that is real property other than a fixture,
but including the interest of a seller or purchaser under a contract for
the sale of the asset, when the transfer is so far perfected that a
good-faith purchaser of the asset from the debtor against whom applicable
law permits the transfer to be perfected cannot acquire an interest in the
asset that is superior to the interest of the transferee; and
(2) with respect to an asset that is not real property or that is a
fixture, when the transfer is so far perfected that a creditor on a simple
contract cannot acquire a judicial lien otherwise than under this Act that
is superior to the interest of the transferee;
(b) if applicable law permits the transfer to be perfected as provided
in subsection (a) and the transfer is not so perfected before the
commencement of an action for relief under this Act, the transfer is deemed
made immediately before the commencement of the action;
(c) if applicable law does not permit the transfer to be perfected as
provided in subsection (a), the transfer is made when it becomes effective
between the debtor and the transferee;
(d) a transfer is not made until the debtor has acquired rights in the
asset transferred;
(e) an obligation is incurred:
(1) if oral, when it becomes effective between the parties; or
(2) if evidenced by a writing, when the writing executed by the obligor
is delivered to or for the benefit of the obligee.
(Source: P.A. 86-814.)
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