Illinois General Assembly - Full Text of SB1057
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Full Text of SB1057  95th General Assembly



State of Illinois
2007 and 2008


Introduced 2/8/2007, by Sen. Martin A. Sandoval - Emil Jones, Jr.


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 05963 LCT 26055 b





SB1057 LRB095 05963 LCT 26055 b

1     AN ACT concerning business.
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4     Section 5. The Uniform Commercial Code is amended by
5 changing Section 1-102 as follows:
6     (810 ILCS 5/1-102)  (from Ch. 26, par. 1-102)
7     Sec. 1-102. Purposes, rules of construction, variation by
8 agreement.
9     (1) This Act shall be liberally construed and and applied
10 to promote its underlying purposes and policies.
11     (2) Underlying purposes and policies of this Act are
12         (a) to simplify, clarify and modernize the law
13 governing commercial transactions;
14         (b) to permit the continued expansion of commercial
15 practices through custom, usage and agreement of the parties;
16         (c) to make uniform the law among the various
17 jurisdictions.
18     (3) The effect of provisions of this Act may be varied by
19 agreement, except as otherwise provided in this Act and except
20 that the obligations of good faith, diligence, reasonableness
21 and care prescribed by this Act may not be disclaimed by
22 agreement but the parties may by agreement determine the
23 standards by which the performance of such obligations is to be



SB1057 - 2 - LRB095 05963 LCT 26055 b

1 measured if such standards are not manifestly unreasonable.
2     (4) The presence in certain provisions of this Act of the
3 words "unless otherwise agreed" or words of similar import does
4 not imply that the effect of other provisions may not be varied
5 by agreement under subsection (3).
6     (5) In this Act unless the context otherwise requires
7         (a) words in the singular number include the plural,
8 and in the plural include the singular;
9         (b) words of the masculine gender include the feminine
10 and the neuter, and when the sense so indicates words of the
11 neuter gender may refer to any gender.
12 (Source: Laws 1961, p. 2101.)