95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5477


 
Introduced , by Rep. Michael J. Madigan - Barbara Flynn Currie
 
SYNOPSIS AS INTRODUCED:
 		













810 ILCS 5/1-102
  from Ch. 26, par. 1-102








    Amends the Uniform Commercial Code.  Makes a technical change in a Section
concerning the purpose and rules of construction.
















LRB095 19318 WGH 45613 b

















 


 


A BILL FOR









 











HB5477

LRB095 19318 WGH 45613 b






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    AN ACT concerning business.

 
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    Be it enacted by the People of the State of Illinois, 
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represented in the General Assembly: 


 
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    Section 5. The Uniform Commercial Code is amended by 
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changing Section 1-102 as follows:
 



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    (810 ILCS 5/1-102)  (from Ch. 26, par. 1-102)



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    Sec. 1-102. Purposes, rules of construction, variation by 
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agreement. 

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    (1) This  Act shall be liberally construed and
and applied 
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to promote its
underlying purposes and policies.
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    (2) Underlying purposes and policies of this Act are

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        (a) to simplify, clarify and modernize the law 
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governing commercial
transactions;

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        (b) to permit the continued expansion of commercial 
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practices through
custom, usage and agreement of the parties;

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        (c) to make uniform the law among the various 
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jurisdictions.

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    (3) The effect of provisions of this Act may be varied by 
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agreement,
except as otherwise provided in this Act and except 
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that the obligations of
good faith, diligence, reasonableness 
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and care prescribed by this Act may
not be disclaimed by 
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agreement but the parties may by agreement determine
the 
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standards by which the performance of such obligations is to be

 


 






HB5477
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LRB095 19318 WGH 45613 b




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measured if such standards are not manifestly unreasonable.

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    (4) The presence in certain provisions of this Act of the 
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words "unless
otherwise agreed" or words of similar import does 
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not imply that the effect
of other provisions may not be varied 
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by agreement under subsection (3).

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    (5) In this Act unless the context otherwise requires

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        (a) words in the singular number include the plural, 
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and in the
plural include the singular;

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        (b) words of the masculine gender include the feminine 
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and the
neuter, and when the sense so indicates words of the 
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neuter gender may
refer to any gender.

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(Source: Laws 1961, p. 2101.)