Chapter 810, COMMERCIAL CODE

(810 ILCS 5/7-304) (from Ch. 26, par. 7-304) Sec. 7-304. Tangible bills of lading in a set. (a) Except as customary in international transportation, a tangible bill of lading may not be issued in a set of parts. The issuer is liable for damages caused by violation of this subsect…

(810 ILCS 5/7-305) (from Ch. 26, par. 7-305) Sec. 7-305. Destination bills. (a) Instead of issuing a bill of lading to the consignor at the place of shipment, a carrier, at the request of the consignor, may procure the bill to be issued at destination or at any other place design…

(810 ILCS 5/7-306) (from Ch. 26, par. 7-306) Sec. 7-306. Altered bills of lading. An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor. (Source: Laws 1961, p. 2101.)

(810 ILCS 5/7-307) (from Ch. 26, par. 7-307) Sec. 7-307. Lien of carrier. (a) A carrier has a lien on the goods covered by a bill of lading or on the proceeds thereof in its possession for charges after the date of the carrier's receipt of the goods for storage or transportation,…

(810 ILCS 5/7-308) (from Ch. 26, par. 7-308) Sec. 7-308. Enforcement of carrier's lien. (a) A carrier's lien on goods may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after noti…

(810 ILCS 5/7-309) (from Ch. 26, par. 7-309) Sec. 7-309. Duty of care; contractual limitation of carrier's liability. (a) A carrier that issues a bill of lading, whether negotiable or nonnegotiable, shall exercise the degree of care in relation to the goods which a reasonably car…

(810 ILCS 5/7-401) (from Ch. 26, par. 7-401) Sec. 7-401. Irregularities in issue of receipt or bill or conduct of issuer. The obligations imposed by this Article on an issuer apply to a document of title even if: (1) the document does not comply with the requirements of this Arti…

(810 ILCS 5/7-402) (from Ch. 26, par. 7-402) Sec. 7-402. Duplicate document of title; overissue. A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except a…

(810 ILCS 5/7-403) (from Ch. 26, par. 7-403) Sec. 7-403. Obligation of bailee to deliver; excuse. (a) A bailee shall deliver the goods to a person entitled under a document of title if the person complies with subsections (b) and (c), unless and to the extent that the bailee esta…

(810 ILCS 5/7-404) (from Ch. 26, par. 7-404) Sec. 7-404. No liability for good-faith delivery pursuant to document of title. A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant t…

(810 ILCS 5/7-501) (from Ch. 26, par. 7-501) Sec. 7-501. Form of negotiation and requirements of due negotiation. (a) The following rules apply to a negotiable tangible document of title: (1) If the document's original terms run to the order of a named person, the document is neg…

(810 ILCS 5/7-502) (from Ch. 26, par. 7-502) Sec. 7-502. Rights acquired by due negotiation. (a) Subject to Sections 7-205 and 7-503, a holder to which a negotiable document of title has been duly negotiated acquires thereby: (1) title to the document; (2) title to the goods; (3)…

(810 ILCS 5/7-503) (from Ch. 26, par. 7-503) Sec. 7-503. Document of title to goods defeated in certain cases. (a) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the good…

(810 ILCS 5/7-504) (from Ch. 26, par. 7-504) Sec. 7-504. Rights acquired in absence of due negotiation; effect of diversion; stoppage of delivery. (a) A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly n…

(810 ILCS 5/7-505) (from Ch. 26, par. 7-505) Sec. 7-505. Indorser not a guarantor for other parties. The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or previous indorsers. (Source: P.A. 95-895, eff…

(810 ILCS 5/7-506) (from Ch. 26, par. 7-506) Sec. 7-506. Delivery without indorsement: right to compel indorsement. The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary indorsement, but the tran…

(810 ILCS 5/7-507) (from Ch. 26, par. 7-507) Sec. 7-507. Warranties on negotiation or delivery of document of title. If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under Section 7-508, unless otherwise agreed, the transfero…

(810 ILCS 5/7-508) (from Ch. 26, par. 7-508) Sec. 7-508. Warranties of collecting bank as to documents of title. A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against deliver…

(810 ILCS 5/7-509) (from Ch. 26, par. 7-509) Sec. 7-509. Adequate compliance with commercial contract. Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is determined by Article…

(810 ILCS 5/7-601) (from Ch. 26, par. 7-601) Sec. 7-601. Lost, stolen, or destroyed documents of title. (a) If a document of title is lost, stolen, or destroyed, a court may order delivery of the goods or issuance of a substitute document and the bailee may without liability to a…

(810 ILCS 5/7-602) (from Ch. 26, par. 7-602) Sec. 7-602. Judicial process against goods covered by negotiable document of title. Unless a document of title was originally issued upon delivery of the goods by a person that did not have power to dispose of them, a lien does not att…

(810 ILCS 5/7-603) (from Ch. 26, par. 7-603) Sec. 7-603. Conflicting Claims; Interpleader. If more than one person claims title to or possession of the goods, the bailee is excused from delivery until the bailee has a reasonable time to ascertain the validity of the adverse claim…

(810 ILCS 5/7-701) Sec. 7-701. Effective date. (Blank). (Source: P.A. 95-895, eff. 1-1-09.)

(810 ILCS 5/7-702) Sec. 7-702. Repeals. Section 10-104 of the Uniform Commercial Code is repealed. (Source: P.A. 95-895, eff. 1-1-09.)

(810 ILCS 5/7-703) Sec. 7-703. Applicability. This amendatory Act of the 95th General Assembly applies to a document of title that is issued or a bailment that arises on or after the effective date of this amendatory Act of the 95th General Assembly. This amendatory Act of the 95…

(810 ILCS 5/7-704) Sec. 7-704. Savings clause. A document of title issued or a bailment that arises before the effective date of this amendatory Act of the 95th General Assembly and the rights, obligations, and interests flowing from that document or bailment are governed by any …

(810 ILCS 5/8-101) (from Ch. 26, par. 8-101) Sec. 8-101. Short title. This Article may be cited as Uniform Commercial Code--Investment Securities. (Source: P.A. 89-364, eff. 1-1-96.)

(810 ILCS 5/8-102) (from Ch. 26, par. 8-102) Sec. 8-102. Definitions. (a) In this Article: (1) "Adverse claim" means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer,…

(810 ILCS 5/8-103) (from Ch. 26, par. 8-103) Sec. 8-103. Rules for determining whether certain obligations and interests are securities or financial assets. (a) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a…

(810 ILCS 5/8-104) (from Ch. 26, par. 8-104) Sec. 8-104. Acquisition of security or financial asset or interest therein. (a) A person acquires a security or an interest therein, under this Article, if: (1) the person is a purchaser to whom a security is delivered pursuant to Sect…

(810 ILCS 5/8-105) (from Ch. 26, par. 8-105) Sec. 8-105. Notice of adverse claim. (a) A person has notice of an adverse claim if: (1) the person knows of the adverse claim; (2) the person is aware of facts sufficient to indicate that there is a significant probability that the ad…

(810 ILCS 5/8-106) (from Ch. 26, par. 8-106) Sec. 8-106. Control. (a) A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser. (b) A purchaser has "control" of a certificated security in registered form if the…

(810 ILCS 5/8-107) (from Ch. 26, par. 8-107) Sec. 8-107. Whether indorsement, instruction, or entitlement order is effective. (a) "Appropriate person" means: (1) with respect to an indorsement, the person specified by a security certificate or by an effective special indorsement …

(810 ILCS 5/8-108) (from Ch. 26, par. 8-108) Sec. 8-108. Warranties in direct holding. (a) A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an indorser, if the transfer is by indorsement, warrants to any subsequent purchaser, …

(810 ILCS 5/8-109) Sec. 8-109. Warranties in indirect holding. (a) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: (1) the entitlement order is made by an appropriate person, or if the entitlement order is by…

(810 ILCS 5/8-110) Sec. 8-110. Applicability; choice of law. (a) The local law of the issuer's jurisdiction, as specified in subsection (d), governs: (1) the validity of a security; (2) the rights and duties of the issuer with respect to registration of transfer; (3) the effectiv…

(810 ILCS 5/8-111) Sec. 8-111. Clearing corporation rules. A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this Code and affects …

(810 ILCS 5/8-112) Sec. 8-112. Creditor's legal process. (a) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by the officer making the attachment or levy, except as otherwise provided in subsectio…

(810 ILCS 5/8-113) Sec. 8-113. Statute of frauds inapplicable. A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if th…

(810 ILCS 5/8-114) Sec. 8-114. Evidentiary rules concerning certificated securities. The following rules apply in an action on a certificated security against the issuer: (1) Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary i…

(810 ILCS 5/8-115) Sec. 8-115. Securities intermediary and others not liable to adverse claimant. A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order, or a broker or other agent or bailee that has dealt with a financial asse…

(810 ILCS 5/8-116) Sec. 8-116. Securities intermediary as purchaser for value. A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset…

(810 ILCS 5/8-201) (from Ch. 26, par. 8-201) Sec. 8-201. Issuer. (a) With respect to an obligation on or a defense to a security, an "issuer" includes a person that: (1) places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, …

(810 ILCS 5/8-202) (from Ch. 26, par. 8-202) Sec. 8-202. Issuer's responsibility and defenses; notice of defect or defense. (a) Even against a purchaser for value and without notice, the terms of a certificated security include terms stated on the certificate and terms made part …

(810 ILCS 5/8-203) (from Ch. 26, par. 8-203) Sec. 8-203. Staleness as notice of defect or defense. After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setti…

(810 ILCS 5/8-204) (from Ch. 26, par. 8-204) Sec. 8-204. Effect of issuer's restriction on transfer. A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless: (1) the secur…

(810 ILCS 5/8-205) (from Ch. 26, par. 8-205) Sec. 8-205. Effect of unauthorized signature on security certificate. An unauthorized signature placed on a security certificate before or in the course of issue is ineffective, but the signature is effective in favor of a purchaser fo…

(810 ILCS 5/8-206) (from Ch. 26, par. 8-206) Sec. 8-206. Completion or alteration of security certificate. (a) If a security certificate contains the signatures necessary to its issue or transfer but is incomplete in any other respect: (1) any person may complete it by filling in…

(810 ILCS 5/8-207) (from Ch. 26, par. 8-207) Sec. 8-207. Rights and duties of issuer with respect to registered owners. (a) Before due presentment for registration of transfer of a certificated security in registered form or of an instruction requesting registration of transfer o…

(810 ILCS 5/8-208) (from Ch. 26, par. 8-208) Sec. 8-208. Effect of signature of authenticating trustee, registrar, or transfer agent. (a) A person signing a security certificate as authenticating trustee, registrar, transfer agent, or the like, warrants to a purchaser for value o…