Section 810 ILCS 5/1-204 - [Effective 1/1/2025] ValueExcept 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.Amended by P.A. 103-1036,§ 5, eff. 1/1/2025.Amended by P.A. 095-0895,§ 5, eff. 1/1/2009.This section is set out more than once due to postponed, multiple, or conflicting amendments.