Illinois Compiled Statutes 815 ILCS 393/5 – Definitions
Current as of: 2024 | Check for updates
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As used in this Act:
“Bona fide purchaser” means a person who in good faith makes a purchase without notice of any outstanding rights of others.
“Plastic bulk merchandise container” means a plastic crate, pallet, or shell used by a product producer, distributor, or retailer for the bulk transportation or storage of goods for sale at retail, including, but not limited to, containers of milk, eggs, or bottled beverage products. For purposes of this definition, a plastic pallet means a plastic portable platform upon which containers, product, or material is placed to facilitate handling.
“Proof of ownership” includes a bill of sale or other evidence showing that an item has been sold to the person possessing the item for fair market value and that the person possessing the item is a bona fide purchaser of the item.
“Bona fide purchaser” means a person who in good faith makes a purchase without notice of any outstanding rights of others.
Terms Used In Illinois Compiled Statutes 815 ILCS 393/5
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
“Plastic bulk merchandise container” means a plastic crate, pallet, or shell used by a product producer, distributor, or retailer for the bulk transportation or storage of goods for sale at retail, including, but not limited to, containers of milk, eggs, or bottled beverage products. For purposes of this definition, a plastic pallet means a plastic portable platform upon which containers, product, or material is placed to facilitate handling.
“Proof of ownership” includes a bill of sale or other evidence showing that an item has been sold to the person possessing the item for fair market value and that the person possessing the item is a bona fide purchaser of the item.