2005 Illinois 810 ILCS 5/ Uniform Commercial Code. Part 1 - Short Title, Construction, Application And Subject Matter Of The Act
(810 ILCS 5/Art. 1 Pt. 1 heading)
PART 1.
SHORT TITLE, CONSTRUCTION, APPLICATION
AND SUBJECT MATTER OF THE ACT
(810 ILCS 5/1‑101) (from Ch. 26, par. 1‑101)
Sec. 1‑101.
Short title.
This Act shall be known and may be cited as
Uniform Commercial Code.
(Source: Laws 1961, p. 2101.)
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(810 ILCS 5/1‑102) (from Ch. 26, par. 1‑102)
Sec. 1‑102.
Purposes, rules of construction, variation by agreement.
(1) This Act shall be liberally construed and applied to promote its
underlying purposes and policies.
(2) Underlying purposes and policies of this Act are
(a) to simplify, clarify and modernize the law governing commercial
transactions;
(b) to permit the continued expansion of commercial practices through
custom, usage and agreement of the parties;
(c) to make uniform the law among the various jurisdictions.
(3) The effect of provisions of this Act may be varied by agreement,
except as otherwise provided in this Act and except that the obligations of
good faith, diligence, reasonableness and care prescribed by this Act may
not be disclaimed by agreement but the parties may by agreement determine
the standards by which the performance of such obligations is to be
measured if such standards are not manifestly unreasonable.
(4) The presence in certain provisions of this Act of the words "unless
otherwise agreed" or words of similar import does not imply that the effect
of other provisions may not be varied by agreement under subsection (3).
(5) In this Act unless the context otherwise requires
(a) words in the singular number include the plural, and in the
plural include the singular;
(b) words of the masculine gender include the feminine and the
neuter, and when the sense so indicates words of the neuter gender may
refer to any gender.
(Source: Laws 1961, p. 2101.)
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(810 ILCS 5/1‑103) (from Ch. 26, par. 1‑103)
Sec. 1‑103.
Supplementary general principles of law applicable.
Unless displaced by the particular provisions of this Act, the
principles of law and equity, including the law merchant and the law
relative to capacity to contract, principal and agent, estoppel, fraud,
misrepresentation, duress, coercion, mistake, unjust enrichment,
bankruptcy, or other
validating or invalidating cause shall supplement its provisions.
(Source: P.A. 88‑123.)
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(810 ILCS 5/1‑104) (from Ch. 26, par. 1‑104)
Sec. 1‑104.
Construction against implicit repeal.
This Act being a general act intended as a unified coverage of its
subject matter, no part of it shall be deemed to be impliedly repealed by
subsequent legislation if such construction can reasonably be avoided.
(Source: Laws 1961, p. 2101.)
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(810 ILCS 5/1‑104a) (from Ch. 26, par. 1‑104a)
Sec. 1‑104a.
Legislative Intent.
If any provision of
this Act conflicts with Section 205‑410 of the
Department of Agriculture Law (20 ILCS 205/205‑410), the provisions of that
Section 205‑410 control. If any provision of this Act conflicts with the Grain
Code, the provisions of the Grain Code control.
(Source: P.A. 91‑239, eff. 1‑1‑00.)
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(810 ILCS 5/1‑104b)
(This Section may contain text from a Public Act with a delayed effective
date)
Sec. 1‑104b.
Agriculture Production Contract Code.
This Act is subject to
the
provisions of the Agriculture Production Contract Code.
(Source: P.A. 93‑522, eff. 1‑1‑05.)
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(810 ILCS 5/1‑105) (from Ch. 26, par. 1‑105)
Sec. 1‑105.
Territorial application of the Act; parties' power to
choose applicable law.
(1) Except as 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
the other state or nation shall govern their rights and
duties. Failing an agreement, this Act applies to
transactions bearing an appropriate relation to this State.
(2) Where one of the following provisions of this Act specifies the
applicable law, that provision governs and a contrary agreement is
effective only to the extent permitted by the law (including the conflict
of laws rules) so specified:
Rights of creditors against sold goods. Section 2‑402.
Applicability of the Article on Leases. Sections 2A‑105 |
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Applicability of the Article on Bank Deposits and
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Collections. Section 4‑102.
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Governing law in the Article on Funds Transfers.
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Letters of Credit. Section 5‑116.
Applicability of the Article on Investment Securities.
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Law governing perfection, the effect of perfection or
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nonperfection, and the priority of security interests and agricultural liens. Sections 9‑301 through 9‑307.
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(Source: P.A. 91‑893, eff. 7‑1‑01.)
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(810 ILCS 5/1‑106) (from Ch. 26, par. 1‑106)
Sec. 1‑106.
Remedies to be liberally administered.
(1) The remedies provided by this Act shall be liberally administered to
the end that the aggrieved party may be put in as good a position as if the
other party had fully performed but neither consequential or special nor
penal damages may be had except as specifically provided in this Act or by
other rule of law.
(2) Any right or obligation declared by this Act is enforceable by
action unless the provision declaring it specifies a different and limited
effect.
(Source: Laws 1961, 1st SS., p. 7.)
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(810 ILCS 5/1‑107) (from Ch. 26, par. 1‑107)
Sec. 1‑107.
Waiver or renunciation of claim or right after breach.
Any claim or right arising out of an alleged breach can be discharged in
whole or in part without consideration by a written waiver or renunciation
signed and delivered by the aggrieved party.
(Source: Laws 1961, p. 2101.)
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(810 ILCS 5/1‑108) (from Ch. 26, par. 1‑108)
Sec. 1‑108.
Severability.
If any provision or clause of this Act or application thereof to any
person or circumstances is held invalid, such invalidity shall not affect
other provisions or applications of the Act which can be given effect
without the invalid provision or application, and to this end the
provisions of this Act are declared to be severable.
(Source: Laws 1961, p. 2101.)
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(810 ILCS 5/1‑109) (from Ch. 26, par. 1‑109)
Sec. 1‑109.
Section captions.
Section captions are parts of this Act.
(Source: Laws 1961, p. 2101.)
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