Illinois Compiled Statutes 810 ILCS 5/1-103 – Construction of Uniform Commercial Code to promote its purposes and …
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Construction of Uniform Commercial Code to promote its purposes and policies; applicability of supplemental principles of law.
(a) The Uniform Commercial Code must be liberally construed and applied to promote its underlying purposes and policies, which are:
(1) to simplify, clarify, and modernize the law
(a) The Uniform Commercial Code must be liberally construed and applied to promote its underlying purposes and policies, which are:
Terms Used In Illinois Compiled Statutes 810 ILCS 5/1-103
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- Fraud: Intentional deception resulting in injury to another.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(1) to simplify, clarify, and modernize the law
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governing commercial transactions;
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(2) to permit the continued expansion of commercial
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practices through custom, usage, and agreement of the parties; and
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(3) to make uniform the law among the various
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jurisdictions.
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(b) Unless displaced by the particular provisions of the Uniform Commercial Code, 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, bankruptcy, and other validating or invalidating cause supplement its provisions.