Sec. 1-204. Value.
102 words·~1 min read·
/il/chapter-810/act-5/1-204A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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:
(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.