Chapter 810, COMMERCIAL CODE

(810 ILCS 5/2A-519) (from Ch. 26, par. 2A-519) Sec. 2A-519. Lessee's damages for nondelivery, repudiation, default, and breach of warranty in regard to accepted goods. (1) Except as otherwise provided with respect to damages liquidated in the lease agreement (Section 2A-504) or o…

(810 ILCS 5/2A-520) (from Ch. 26, par. 2A-520) Sec. 2A-520. Lessee's incidental and consequential damages. (1) Incidental damages resulting from a lessor's default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of goods rightfull…

(810 ILCS 5/2A-521) (from Ch. 26, par. 2A-521) Sec. 2A-521. Lessee's right to specific performance or replevin. (1) Specific performance may be decreed if the goods are unique or in other proper circumstances. (2) A decree for specific performance may include any terms and condit…

(810 ILCS 5/2A-522) (from Ch. 26, par. 2A-522) Sec. 2A-522. Lessee's right to goods on lessor's insolvency. (1) Subject to subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease …

(810 ILCS 5/2A-523) (from Ch. 26, par. 2A-523) Sec. 2A-523. Lessor's remedies. (1) If a lessee wrongfully rejects or revokes acceptance of goods or fails to make a payment when due or repudiates with respect to a part or the whole, then, with respect to any goods involved, and wi…

(810 ILCS 5/2A-524) (from Ch. 26, par. 2A-524) Sec. 2A-524. Lessor's right to identify goods to lease contract. (1) A lessor aggrieved under Section 2A-523(1) may: (a) identify to the lease contract conforming goods not already identified if at the time the lessor learned of the …

(810 ILCS 5/2A-525) (from Ch. 26, par. 2A-525) Sec. 2A-525. Lessor's right to possession of goods. (1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods. (2) After a default by the lessee under the lease contract of the type described in…

(810 ILCS 5/2A-526) (from Ch. 26, par. 2A-526) Sec. 2A-526. Lessor's stoppage of delivery in transit or otherwise. (1) A lessor may stop delivery of goods in the possession of a carrier or other bailee if the lessor discovers the lessee to be insolvent and may stop delivery of ca…

(810 ILCS 5/2A-527) (from Ch. 26, par. 2A-527) Sec. 2A-527. Lessor's rights to dispose of goods. (1) After a default by a lessee under the lease contract of the type described in Section 2A-523(1) or 2A-523(3)(a) or after the lessor refuses to deliver or takes possession of goods…

(810 ILCS 5/2A-528) (from Ch. 26, par. 2A-528) Sec. 2A-528. Lessor's damages for nonacceptance, failure to pay, repudiation, or other default. (1) Except as otherwise provided with respect to damages liquidated in the lease agreement (Section 2A-504) or otherwise determined pursu…

(810 ILCS 5/2A-529) (from Ch. 26, par. 2A-529) Sec. 2A-529. Lessor's action for the rent. (1) After default by the lessee under the lease contract of the type described in Section 2A-523(1) or 2A-523(3)(a) or, if agreed, after other default by the lessee, if the lessor complies w…

(810 ILCS 5/2A-530) (from Ch. 26, par. 2A-530) Sec. 2A-530. Lessor's incidental damages. Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care and custody of goods…

(810 ILCS 5/2A-531) (from Ch. 26, par. 2A-531) Sec. 2A-531. Standing to sue third parties for injury to goods. (1) If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract (a) the lessor has …

(810 ILCS 5/2A-532) (from Ch. 26, par. 2A-532) Sec. 2A-532. Lessor's rights to residual interest. In addition to any other recovery permitted by this Article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or da…

(810 ILCS 5/3-101) (from Ch. 26, par. 3-101) Sec. 3-101. Short title. This Article may be cited as Uniform Commercial Code-Negotiable Instruments. (Source: P.A. 87-582.)

(810 ILCS 5/3-102) (from Ch. 26, par. 3-102) Sec. 3-102. Subject matter. (a) This Article applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 4A, or to securities governed by Article 8. (b) If there is conflict between this Article…

(810 ILCS 5/3-103) (from Ch. 26, par. 3-103) Sec. 3-103. Definitions. (a) In this Article: (1) "Acceptor" means a drawee that has accepted a draft. (2) "Drawee" means a person ordered in a draft to make payment. (3) "Drawer" means a person who signs or is identified in a draft as…

(810 ILCS 5/3-104) (from Ch. 26, par. 3-104) Sec. 3-104. Negotiable instrument. (a) Except as provided in subsections (c) and (d), "negotiable instrument" means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described i…

(810 ILCS 5/3-105) (from Ch. 26, par. 3-105) Sec. 3-105. Issue of instrument. (a) "Issue" means: (1) the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person; or (2) if agreed by…

(810 ILCS 5/3-106) (from Ch. 26, par. 3-106) Sec. 3-106. Unconditional promise or order. (a) Except as provided in this Section, for the purposes of Section 3-104(a), a promise or order is unconditional unless it states (i) an express condition to payment, (ii) that the promise o…

(810 ILCS 5/3-107) (from Ch. 26, par. 3-107) Sec. 3-107. Instrument payable in foreign money. Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated …

(810 ILCS 5/3-108) (from Ch. 26, par. 3-108) Sec. 3-108. Payable on demand or at a definite time. (a) A promise or order is "payable on demand" if it (i) states that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder, or (ii) …

(810 ILCS 5/3-109) (from Ch. 26, par. 3-109) Sec. 3-109. Payable to bearer or to order. (a) A promise or order is payable to bearer if it: (1) states that it is payable to bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or orde…

(810 ILCS 5/3-110) (from Ch. 26, par. 3-110) Sec. 3-110. Identification of person to whom instrument is payable. (a) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized, signing as, or in the name or behalf of…

(810 ILCS 5/3-111) (from Ch. 26, par. 3-111) Sec. 3-111. Place of payment. Except as otherwise provided for items in Article 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of …

(810 ILCS 5/3-112) (from Ch. 26, par. 3-112) Sec. 3-112. Interest. (a) Unless otherwise provided in the instrument, (i) an instrument is not payable with interest, and (ii) interest on an interest-bearing instrument is payable from the date of the instrument. (b) Interest may be …

(810 ILCS 5/3-113) (from Ch. 26, par. 3-113) Sec. 3-113. Date of instrument. (a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in Section 4-401(c), an instr…

(810 ILCS 5/3-114) (from Ch. 26, par. 3-114) Sec. 3-114. Contradictory terms of instrument. If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers. (Source: P.A. 87-582.)…

(810 ILCS 5/3-115) (from Ch. 26, par. 3-115) Sec. 3-115. Incomplete instrument. (a) "Incomplete instrument" means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be c…

(810 ILCS 5/3-116) (from Ch. 26, par. 3-116) Sec. 3-116. Joint and several liability; contribution. (a) Except as otherwise provided in the instrument, 2 or more persons who have the same liability on an instrument as makers, drawers, acceptors, indorsers who are indorsing joint …

(810 ILCS 5/3-117) (from Ch. 26, par. 3-117) Sec. 3-117. Other agreements affecting an instrument. Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, s…

(810 ILCS 5/3-118) (from Ch. 26, par. 3-118) Sec. 3-118. Statute of limitations. (a) (Blank). (b) (Blank). (c) Except as provided in subsection (d), an action to enforce the obligation of a party to an unaccepted draft to pay the draft must be commenced within 3 years after disho…

(810 ILCS 5/3-119) (from Ch. 26, par. 3-119) Sec. 3-119. Notice of right to defend action. In an action for breach of an obligation for which a third person is answerable over pursuant to this Article or Article 4, the defendant may give the third person written notice of the lit…

(810 ILCS 5/3-201) (from Ch. 26, par. 3-201) Sec. 3-201. Negotiation. (a) "Negotiation" means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder. (b) Except for negotiation by a…

(810 ILCS 5/3-202) (from Ch. 26, par. 3-202) Sec. 3-202. Negotiation subject to rescission. (a) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its powers, or a person without capacity, (ii) by fraud, duress, or mistake, or (iii) in breach of…

(810 ILCS 5/3-203) (from Ch. 26, par. 3-203) Sec. 3-203. Transfer of instrument; rights acquired by transfer. (a) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce th…

(810 ILCS 5/3-204) (from Ch. 26, par. 3-204) Sec. 3-204. Indorsement. (a) "Indorsement" means a signature, other than that of a signer as maker, drawer, or acceptor, that alone or accompanied by other words is made on an instrument for the purpose of (i) negotiating the instrumen…

(810 ILCS 5/3-205) (from Ch. 26, par. 3-205) Sec. 3-205. Special indorsement; blank indorsement; anomalous indorsement. (a) If an indorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the indorsement identifies a per…

(810 ILCS 5/3-206) (from Ch. 26, par. 3-206) Sec. 3-206. Restrictive indorsement. (a) An indorsement limiting payment to a particular person or otherwise prohibiting further transfer or negotiation of the instrument is not effective to prevent further transfer or negotiation of t…

(810 ILCS 5/3-207) (from Ch. 26, par. 3-207) Sec. 3-207. Reacquisition. Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer firs…

(810 ILCS 5/3-301) (from Ch. 26, par. 3-301) Sec. 3-301. Person entitled to enforce instrument. "Person entitled to enforce" an instrument means (i) the holder of the instrument, (ii) a nonholder in possession of the instrument who has the rights of a holder, or (iii) a person no…

(810 ILCS 5/3-302) (from Ch. 26, par. 3-302) Sec. 3-302. Holder in due course. (a) Subject to subsection (c) and Section 3-106(d), "holder in due course" means the holder of an instrument if: (1) the instrument when issued or negotiated to the holder does not bear such apparent e…

(810 ILCS 5/3-303) (from Ch. 26, par. 3-303) Sec. 3-303. Value and consideration. (a) An instrument is issued or transferred for value if: (1) the instrument is issued or transferred for a promise of performance, to the extent the promise has been performed; (2) the transferee ac…

(810 ILCS 5/3-304) (from Ch. 26, par. 3-304) Sec. 3-304. Overdue instrument. (a) An instrument payable on demand becomes overdue at the earliest of the following times: (1) on the day after the day demand for payment is duly made; (2) if the instrument is a check, 90 days after i…

(810 ILCS 5/3-305) (from Ch. 26, par. 3-305) Sec. 3-305. Defenses and claims in recoupment. (a) Except as stated in subsection (b), the right to enforce the obligation of a party to pay an instrument is subject to the following: (1) a defense of the obligor based on (i) infancy o…

(810 ILCS 5/3-306) (from Ch. 26, par. 3-306) Sec. 3-306. Claims to an instrument. A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a cla…

(810 ILCS 5/3-307) (from Ch. 26, par. 3-307) Sec. 3-307. Notice of breach of fiduciary duty. (a) In this Section: (1) "Fiduciary" means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument. (2) "Re…

(810 ILCS 5/3-308) (from Ch. 26, par. 3-308) Sec. 3-308. Proof of signatures and status as holder in due course. (a) In an action with respect to an instrument, the authenticity of, and authority to make, each signature on the instrument is admitted unless specifically denied in …

(810 ILCS 5/3-309) (from Ch. 26, par. 3-309) Sec. 3-309. Enforcement of lost, destroyed, or stolen instrument. (a) A person not in possession of an instrument is entitled to enforce the instrument if (i) the person was in possession of the instrument and entitled to enforce it wh…

(810 ILCS 5/3-310) (from Ch. 26, par. 3-310) Sec. 3-310. Effect of instrument on obligation for which taken. (a) Unless otherwise agreed, if a certified check, cashier's check, or teller's check is taken for an obligation, the obligation is discharged to the same extent discharge…