093_HB1040eng

 
HB1040 Engrossed                     LRB093 05555 DRJ 05647 b

 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
 8    by 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



 
HB1040 Engrossed            -2-      LRB093 05555 DRJ 05647 b
 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.)