Title 5 — Title 5

This chapter shall be known and may be cited as the LIBOR Discontinuance and Replacement Act of 2021. History: (Act 2021-323, §1.)

As used in this chapter, the following terms shall have the following meanings: (1) BENCHMARK. An index of interest rates or dividend rates that is used, in whole or in part, as the basis of, or as a reference for, calculating or determining any valuation, payment, or other measu…

Securities, or Instruments; Fallback Provisions. (a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, shall be the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and meets one of the followi…

Benchmark Replacement; Liability. (a) The selection or use of a recommended benchmark replacement as a benchmark replacement under or in respect of a contract, security, or instrument by operation of Section 5-28-3 shall constitute all of the following: (1) A commercially reasona…

If any provision of this chapter or application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the provi…