State of Illinois
92nd General Assembly
Legislation

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92_HB2781

 
                                               LRB9202243JScs

 1        AN ACT relating to commercial transactions.

 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.   This  Act
10    shall  be  and applied to promote its underlying purposes and
11    policies.
12        (2)  Underlying purposes and policies of this Act are
13             (a)  to simplify,  clarify  and  modernize  the  law
14    governing commercial transactions;
15             (b)  to permit the continued expansion of commercial
16    practices through custom, usage and agreement of the parties;
17             (c)  to  make  uniform  the  law  among  the various
18    jurisdictions.
19        (3)  The effect of provisions of this Act may  be  varied
20    by  agreement,  except  as otherwise provided in this Act and
21    except  that  the  obligations  of  good  faith,   diligence,
22    reasonableness  and  care  prescribed  by this Act may not be
23    disclaimed by agreement but  the  parties  may  by  agreement
24    determine  the  standards  by  which  the performance of such
25    obligations is to be  measured  if  such  standards  are  not
26    manifestly unreasonable.
27        (4)  The  presence  in  certain provisions of this Act of
28    the words "unless  otherwise  agreed"  or  words  of  similar
29    import does not imply that the effect of other provisions may
30    not be varied by agreement under subsection (3).
31        (5)  In this Act unless the context otherwise requires
 
                            -2-                LRB9202243JScs
 1             (a)  words   in  the  singular  number  include  the
 2    plural, and in the plural include the singular;
 3             (b)  words  of  the  masculine  gender  include  the
 4    feminine and the neuter, and  when  the  sense  so  indicates
 5    words of the neuter gender may refer to any gender.
 6    (Source: Laws 1961, p. 2101.)

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