Value

(810 ILCS 5/1-204) (from Ch. 26, par. 1-204)     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. (Source: P.A. 103-1036, eff. 1-1-25.)