810 ILCS 5 Uniform Commercial Code

Terms Used In Illinois Compiled Statutes > Chapter 810

  • Acquire: includes to purchase, erect, build, construct, reconstruct, complete, repair, replace, alter, extend, better, equip, develop, and improve a project, including the acquisition and clearing of a site or sites therefor. See Illinois Compiled Statutes 110 ILCS 661/6-5
  • Acquire: includes to purchase, erect, build, construct, reconstruct, complete, repair, replace, alter, extend, better, equip, develop, and improve a project, including the acquisition and clearing of a site or sites therefor. See Illinois Compiled Statutes 110 ILCS 666/11-5
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Authority: means the "(Name of City) School Finance Authority";
         (b) "Board" means any board of education to which this Article is applicable;
         (c) "Budget" means the budget of the Board as defined in Section 34-43 of this Act, as from time to time in effect;
         (d) "Chairman" means the chairman of the Authority appointed pursuant to paragraph (c) of Section 34A-301 of this Article;
         (e) "City" means the city wherein the school district of such Board is located;
         (f) "Financial Plan" means the financial plan of the Board to be developed pursuant to Section 34A-403 of this Article, as from time to time in effect;
         (g) "Fiscal Year" means the fiscal year of the Board;
         (h) "Governor" means the Governor of the State of Illinois;
         (i) "School year" means the school year of the Board;
         (j) "Approved System-Wide Educational Reform Goals and Objectives Plan" means the system-wide educational reform goals and objectives plan that has been accepted and approved by the Authority;
         (k) "Investment Obligations" means any of the following which at the time of investment are legal investments under the laws of the State for the money proposed to be invested therein:
            (i) Direct obligations of, or obligations the
    
principal of and interest on which are unconditionally guaranteed by, the United States of America;
        (ii) Bonds, debentures or notes or other evidence of
    
indebtedness issued or guaranteed by any of the following agencies: Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Land Banks; Federal Home Loan Banks; the Federal National Mortgage Association; the United States Postal Service; the Government National Mortgage Association; the Federal Financing National Mortgage Association; the Federal Financing Bank; or any other agency or instrumentality of the United States of America now existing or hereafter created;
        (iii) New Housing Authority Bonds issued by public
    
agencies or municipalities and fully secured as to the payment of both principal and interest by a pledge of annual contributions under an Annual Contributions Contract or Contracts with the United States of America, or Project Notes issued by public agencies or municipalities and fully secured as to the payment of both principal and interest by a requisition or payment agreement with the United States of America;
        (iv) Direct and general obligations of, or
    
obligations guaranteed by, the State, to the payment of the principal of and interest on which the full faith and credit of the State is pledged;
        (v) Negotiable or non-negotiable time deposits
    
evidenced by certificates of deposit issued by banks, trust companies or national banking associations (which may include the trustee) which are members of the Federal Deposit Insurance Corporation and savings and loan associations which are members of the Federal Savings and Loan Insurance Corporation, provided that such time deposits in any such bank, trust company, national banking association or savings and loan association are continuously secured by obligations described in clauses (i), (ii), (iii), or (iv) of this definition, provided further that such obligations at all times have a market value at least equal to the maturity value of the deposits so secured, including accrued interest; and
        (vi) Repurchase agreements with banks (which may
    
include the trustee) described in clause (v) of this definition and government bond dealers reporting to, trading with, and recognized as primary dealers by a Federal Reserve Bank, the underlying securities of which are obligations described in clauses (i) or (ii) of this definition, provided that the underlying securities are required to be continuously maintained at a market value not less than the amount so invested;
    (l) "Mayor" means the Mayor of the City;
     (m) "Obligations" means bonds and notes of the Authority;
     (n) "State" means the State of Illinois. See Illinois Compiled Statutes 105 ILCS 5/34A-103
  • Bailee: means a person that by a warehouse
    •     
    receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Balanced budget: A budget in which receipts equal outlays.
  • Board: means the Board of Trustees of the University or its successor. See Illinois Compiled Statutes 110 ILCS 661/6-5
  • Board: means the Board of Trustees of the University or its successor. See Illinois Compiled Statutes 110 ILCS 666/11-5
  • Buyer: means a person who buys or contracts to
    •     
    buy goods. See Illinois Compiled Statutes 810 ILCS 5/2-103
  • Carrier: means a person that issues a bill of
    •     
    lading. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Commercial unit: means such a unit of goods as
    •     
    by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Consignee: means a person named in a bill of
    •     
    lading to which or to whose order the bill promises delivery. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Consignor: means a person named in a bill of
    •     
    lading as the person from which the goods have been received for shipment. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Consumer lease: means a lease that a lessor
    •     
    regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $40,000. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Illinois Compiled Statutes 810 ILCS 5/2-106
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Cross examine: Questioning of a witness by the attorney for the other side.
  • Delivery order: means a record that contains an
    •     
    order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Department: means the Department of Commerce and Economic Opportunity. See Illinois Compiled Statutes 30 ILCS 780/5-5
  • Devise: To gift property by will.
  • Donee: The recipient of a gift.
  • Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. Source: OCC
  • Executive session: A portion of the Senate's daily session in which it considers executive business.
  • Fair Debt Collection Practices Act: The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act. Source: OCC
  • Fault: means wrongful act, omission, breach, or
    •     
    default. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Federal agency: means the United States of America, the President of the United States of America, or such agency or agencies of the United States of America as may be designated or created to make loans or grants or both. See Illinois Compiled Statutes 110 ILCS 661/6-5
  • Federal agency: means the United States of America, the President of the United States of America, or such agency or agencies of the United States of America as may be designated or created to make loans or grants or both. See Illinois Compiled Statutes 110 ILCS 666/11-5
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Finance lease: means a lease with respect to
    •     
    which:
                (i) the lessor does not select, manufacture, or
            
    supply the goods;
                (ii) the lessor acquires the goods or the right
            
    to possession and use of the goods in connection with the lease; and
                (iii) one of the following occurs:
                     (A) the lessee receives a copy of the
                
    contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;
                    (B) the lessee's approval of the contract by
                
    which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;
                    (C) the lessee, before signing the lease
                
    contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or
                    (D) if the lease is not a consumer lease, the
                
    lessor, before the lessee signs the lease contract, informs the lessee in writing (a) of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person, (b) that the lessee is entitled under this Article to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods, and (c) that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Forbearance: A means of handling a delinquent loan. A
  • Good faith: means honesty in fact and the
    •     
    observance of reasonable commercial standards of fair dealing. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Goods: means all things that are treated as
    •     
    movable for the purposes of a contract for storage or transportation. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Grant index: means a figure for each school district equal to one minus the ratio of the district's equalized assessed valuation per pupil in average daily attendance to the equalized assessed valuation per pupil in average daily attendance of the district located at the 90th percentile for all districts of the same category. See Illinois Compiled Statutes 105 ILCS 230/5-5
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Hazardous material: means any substance or material in a quantity and form determined by the federal Office of Hazardous Materials and the Federal Railroad Administration to be capable of posing an unreasonable risk to health, safety, or property when transported in commerce. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Hearsay: Statements by a witness who did not see or hear the incident in question but heard about it from someone else. Hearsay is usually not admissible as evidence in court.
  • Installment lease contract: means a lease
    •     
    contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Issuer: means a bailee that issues a document of
    •     
    title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • Laws now in force: and words of similar import, mean the laws in force at the time the Act containing the words shall take effect. See Illinois Compiled Statutes 5 ILCS 70/1.18
  • Leasehold interest: means the interest of the
    •     
    lessor or the lessee under a lease contract. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • Legatee: A beneficiary of a decedent
  • Lien: means a charge against or interest in
    •     
    goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Lot: means a parcel or a single article that is
    •     
    the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Merchant lessee: means a lessee that is a
    •     
    merchant with respect to goods of the kind subject to the lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • National school lunch program: means a program administered by the U. See Illinois Compiled Statutes 30 ILCS 780/5-5
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Official state newspaper: means the newspaper designated and certified to the Commission annually by the Director of Central Management Services of the State of Illinois, or, if said Director fails to certify to the Commission the name and address of the official newspaper selected by the Director prior to expiration of the previous certification, the newspaper designated in the most recent certification. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
  • Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
  • Person under legal disability: means a person 18 years or older who (a) because of mental deterioration or physical incapacity is not fully able to manage his or her person or estate, or (b) is a person with mental illness or is a person with developmental disabilities and who because of his or her mental illness or developmental disability is not fully able to manage his or her person or estate, or (c) because of gambling, idleness, debauchery or excessive use of intoxicants or drugs, so spends or wastes his or her estate as to expose himself or herself or his or her family to want or suffering. See Illinois Compiled Statutes 5 ILCS 70/1.06
  • Plea agreement: An arrangement between the prosecutor, the defense attorney, and the defendant in which the defendant agrees to plead guilty in exchange for special considerations. Source:
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • present sale: means a sale which is accomplished by the making of the contract. See Illinois Compiled Statutes 810 ILCS 5/2-106
  • Presentence report: A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence. Source: U.S. Courts
  • President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
  • Project: means and includes revenue producing buildings, structures and facilities which, as determined by the Board, are required by, or necessary for the use or benefit of, such University, including, without limiting the generality of the foregoing, student residence halls; apartments; staff housing facilities; dormitories; health, hospital or medical facilities; dining halls; student union buildings; field houses; stadiums; physical education installations and facilities; auditoriums; facilities for student or staff services; any facility or building leased to the United States of America; off-street parking facilities; heretofore, or as may be hereafter, acquired, with all equipment and appurtenant facilities; or any one, or more than one, or all, of the foregoing, or any combination thereof, for such University. See Illinois Compiled Statutes 110 ILCS 661/6-5
  • Project: means and includes revenue producing buildings, structures and facilities which, as determined by the Board, are required by, or necessary for the use or benefit of, such University, including, without limiting the generality of the foregoing, student residence halls; apartments; staff housing facilities; dormitories; health, hospital or medical facilities; dining halls; student union buildings; field houses; stadiums; physical education installations and facilities; auditoriums; facilities for student or staff services; any facility or building leased to the United States of America; off-street parking facilities; heretofore, or as may be hereafter, acquired, with all equipment and appurtenant facilities; or any one, or more than one, or all, of the foregoing, or any combination thereof, for such University. See Illinois Compiled Statutes 110 ILCS 666/11-5
  • Public defender: Represent defendants who can't afford an attorney in criminal matters.
  • Purchase: includes taking by sale, lease,
    •     
    mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Record: means information that is inscribed on
    •     
    a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • School construction project: means the acquisition, development, construction, reconstruction, rehabilitation, improvement, architectural planning, and installation of capital facilities consisting of buildings, structures, durable equipment, and land for educational purposes. See Illinois Compiled Statutes 105 ILCS 230/5-5
  • School district: includes a cooperative high school, which shall be considered a high school district for the purpose of calculating its grant index. See Illinois Compiled Statutes 105 ILCS 230/5-5
  • School maintenance project: means a project, other than a school construction project, intended to provide for the maintenance or upkeep of buildings or structures for educational purposes, but does not include ongoing operational costs. See Illinois Compiled Statutes 105 ILCS 230/5-5
  • Seller: means a person who sells or contracts to
    •     
    sell goods. See Illinois Compiled Statutes 810 ILCS 5/2-103
  • Service provider agency: means an entity that enters into a services contract with a municipality or county for the purpose of providing special services in and for a special service area. See Illinois Compiled Statutes 35 ILCS 200/20-90
  • Services contract: means an agreement between a service provider agency and a municipality or county for the purpose of providing special services in and for a special service area. See Illinois Compiled Statutes 35 ILCS 200/20-90
  • Shipper: means a person that enters into a
    •     
    contract of transportation with a carrier. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
  • Special Service Area: means a contiguous area within a municipality or county in which special governmental services are provided in addition to those services provided generally throughout the municipality or county, the cost of the special services to be paid from revenues collected from taxes levied or imposed upon property within that area. See Illinois Compiled Statutes 35 ILCS 200/20-90
  • Special service area commission: means a local board established by the corporate authorities of a municipality or county for the purpose of managing a particular special service area. See Illinois Compiled Statutes 35 ILCS 200/20-90
  • Sublease: means a lease of goods the right to
    •     
    possession and use of which was acquired by the lessor as a lessee under an existing lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Supplemental appropriation: Budget authority provided in an appropriations act in addition to regular or continuing appropriations already provided. Supplemental appropriations generally are made to cover emergencies, such as disaster relief, or other needs deemed too urgent to be postponed until the enactment of next year's regular appropriations act.
  • Supply contract: means a contract under which a
    •     
    lessor buys or leases goods to be leased. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Surviving spouse: means "widow" or "widower" as the case may be. See Illinois Compiled Statutes 5 ILCS 70/1.32
  • teachers: means and includes all members of the teaching force excluding the general superintendent and principals. See Illinois Compiled Statutes 105 ILCS 5/34-84
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • University: means and includes Chicago State University, located at Chicago, Illinois, and its branches. See Illinois Compiled Statutes 110 ILCS 661/6-5
  • University: means and includes Eastern Illinois University, located at Charleston, Illinois, and its branches. See Illinois Compiled Statutes 110 ILCS 666/11-5
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
  • Victim advocate: work with prosecutors and assist the victims of a crime.
  • Victim Impact Statement: A written or spoken statement by the victim or his or her representative about the physical, emotional, and financial impact of a crime on the victim. The statement is given to the court before sentencing.
  • Warehouse: means a person engaged in the
    •     
    business of storing goods for hire. See Illinois Compiled Statutes 810 ILCS 5/7-102