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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB1255
Introduced 2/18/2005, by Sen. Martin A. Sandoval - Emil Jones, Jr. SYNOPSIS AS INTRODUCED:
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810 ILCS 5/1-102 |
from Ch. 26, par. 1-102 |
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Amends the Uniform Commercial Code. Makes a technical change in a Section
concerning the purpose and rules of construction.
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A BILL FOR
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SB1255 |
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LRB094 04907 RXD 34936 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
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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 |