CIV PRO-PROMISSORY NOTE LIMIT
Synopsis of Bill as introduced:
Amends the Code of Civil Procedure. Provides that a cause of
action on a promissory note with a due date accrues on the due date or
the date to which the due date is accelerated. Provides that an
action to enforce an obligation to pay a demand promissory note must
be commenced within 10 years after the demand and provides that an
action is barred if no demand is made and neither principal nor
interest has been paid during a 10-year period. Amends the Uniform
Commercial Code by eliminating language setting forth the statute of
limitations on notes payable at a definite time and notes payable on
HOUSE AMENDMENT NO. 1.
Adds reference to:
70 ILCS 3605/41 from Ch. 111 2/3, par. 341
Amends the Metropolitan Transit Authority Act. Provides that
any person who files notice with the Authority that he or she was
injured or has a cause of action shall be furnished a copy of the
statute concerning the commencement of civil actions. Provides that
if the Authority fails to furnish a copy of the statute, any action
commenced against the Authority shall not be dismissed for failure to
comply with requirements regarding notice. Makes other changes.
Provisions added by this amendment are effective July 1, 1998.
HOUSE AMENDMENT NO. 2.
Adds reference to:
215 ILCS 5/143a from Ch. 73, par. 755a
Amends the Illinois Insurance Code in relation to uninsured and
hit and run motor vehicle coverage. Requires arbitration as to the
amount of damages and medical opinions under certain circumstances.
Creates procedural requirements for arbitration. Makes other
FISCAL NOTE, H-AM 1 & 2 (Office of Ill. Courts)
SB 710, amended would have no fiscal impact on the Judicial
JUDICIAL NOTE, H-AM 1 & 2 (Office of Ill. Courts)
The bill will neither decrease nor increase the need for the
number of judges in the state.
STATE MANDATES FISCAL NOTE, H-AM 2 (DCCA)
SB 710 creates a "due process mandate" for which no reimburse-
ment by the State is required under the State Mandates Act.
Last action on Bill: PUBLIC ACT.............................. 90-0451
Last action date: 97-08-16
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0
END OF INQUIRY
Full Text Bill Status