Illinois § 1-204 Value

Illinois Statutes

§ 1-204 — Value

Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 1 - General Provisions

Except as otherwise provided in Articles 3, 4, 5, 6, and 12, 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.

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Except as otherwise provided in Articles 3, 4, 5, 6, and 12, 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.

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