SB1647sam001 94TH GENERAL ASSEMBLY

Sen. Kirk W. Dillard

Filed: 3/15/2005

09400SB1647sam001 LRB094 04037 WGH 43732 a

AMENDMENT TO SENATE BILL 1647

AMENDMENT NO. ______. Amend Senate Bill 1647 on page 9, by replacing lines 15 through 17 with the following:

"(20) "Good faith" means honesty in fact in the conduct or transaction concerned."; and

by replacing lines 22 through 33 on page 27, all of page 28, and lines 1 through 18 on page 29 with the following:

"(810 ILCS 5/1-301 new)

Sec. 1-301. Territorial applicability; parties' power to choose applicable law.

(a) Except as otherwise provided in this Section, when a transaction bears a reasonable relation to this State and also to another state or nation the parties may agree that the law either of this State or of such other state or nation shall govern their rights and duties.

(b) In the absence of an agreement effective under subsection (a), and except as provided in subsection (c), the Uniform Commercial Code applies to transactions bearing an appropriate relation to this state.

(c) If one of the following provisions of the Uniform Commercial Code specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law so specified:

(1) Section 2-402;

(2) Sections 2A-105 and 2A-106;

(3) Section 4-102;

(4) Section 4A-507;

(5) Section 5-116;

(6) Section 8-110;

(7) Sections 9-301 through 9-307."; and

by replacing lines 12 through 33 on page 33 and lines 1 through 33 on page 34 with the following: "changing Sections 2-202, 2-208, 2A-207, 2A-501, 2A-518, 2A-519, 2A-527, 2A-528, 3-103, 4A-105, 4A-106, 4A-204, and 5-103 as follows:"; and

by deleting lines 3 through 35 on page 36, all of pages 37 through 40, and lines 1 through 24 on page 41; and

on page 47, by replacing lines 15 through 17 with the following:

"(4) "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing."; and

by deleting lines 30 through 35 on page 49, all of pages 50 and 51, and lines 1 through 7 on page 52; and

on page 53, by replacing lines 1 through 3 with the following:

"(6) "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing."; and

by deleting lines 12 through 35 on page 56 and all of pages 57 through 76.