Translate
Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.
Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
(740 ILCS 160/4) (from Ch. 59, par. 104)
Sec. 4.
(a) Value is given for a transfer or an obligation if, in exchange
for the transfer or obligation, property is transferred or an antecedent
debt is secured or satisfied, but value does not include an unperformed
promise made otherwise than in the ordinary course of the promisor's business
to furnish support to the debtor or another person.
(b) For the purposes of paragraph (2) of subsection (a) of Section 5 and
Section 6, a person
gives a reasonably
equivalent value if the person acquires an interest of the debtor in an
asset pursuant to a regularly conducted, noncollusive foreclosure sale or
execution of a power of sale for the acquisition or disposition of the interest
of the debtor upon default under a mortgage, deed of trust, or security
agreement.
(c) A transfer is made for present value if the exchange between the debtor
and the transferee is intended by them to be contemporaneous and is in fact
substantially contemporaneous.
(Source: P.A. 86-814.)
|