SB1254 94TH GENERAL ASSEMBLY

LRB094 04909 RXD 34938 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB1254

Introduced 2/18/2005, by Sen. Martin A. Sandoval - Emil Jones, Jr.

SYNOPSIS AS INTRODUCED:

810 ILCS 5/3-102

from Ch. 26, par. 3-102

Amends the Uniform Commercial Code. Makes a technical change in a Section concerning the subject matter of the Negotiable Instruments Article.

A BILL FOR

AN ACT concerning business.

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

Section 5. The Uniform Commercial Code is amended by changing Section 3-102 as follows:

(810 ILCS 5/3-102) (from Ch. 26, par. 3-102)

Sec. 3-102. Subject matter.

(a) This Article applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 4A, or to securities governed by Article 8.

(b) If there is conflict between this Article and and Article 4 or 9, Articles 4 and 9 govern.

(c) Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency.

(Source: P.A. 87-582; 87-1135.)