On June 7, 2024, the First District of the Illinois Appellate Court held that the presuit notice requirements in the Uniform Commercial Code (UCC) apply to perishable goods with latent defects, and that third-party lawsuits can constitute actual knowledge of the defect.
Sellers can use "as is" to disclaim implied warranties. But they can't disclaim fraud, and "as is" only applies if no "circumstances indicate otherwise" and the seller has not waived the disclaimer.
On November 5, 2014, the First District Appellate Court held that the Uniform Commercial Code ("UCC") controls the levy of securities, not the Code of Civil Procedure. Accordingly, levy is governed by the law of the security issuer's jurisdiction, as specified in the UCC.
The Series LLC gives sweeping liability protection to those who use it. But will it shield an umbrella entity in bankruptcy and under UCC Article 9 from liability incurred by debtor subunits?
The Illinois Secretary of State recently updated the forms that may be used in UCC filings, and the font and case requirements for preparations of these forms. 14 Ill. Adm. Code 180.12.
An amendment to the Illinois UCC penalizes filing of false financing statements or liens and gives the secretary of state authority to investigate, punish, and even terminate false filings.
Illinois lawmakers have added section 9-501.1 to the Uniform Commercial Code (UCC), creating penalties for persons who cause a false record to be communicated to the filing office.
Society is best served by requiring the parties - typically sophisticated business buyers and sellers - to bargain for contract protection, the author argues.
Article 1 of the Uniform Commercial Code articulates the principles that underlie the remaining articles, and Illinois recently adopted Revised Article 1. Here's what it means.
Many contracts are formed by the exchange of price quotes, purchase orders, and invoices, which often contain conflicting terms. This article reviews typical "battle of the forms" issues.
Section 9-516 of the Illinois Uniform Commercial Code has been amended. 810 ILCS 5/9-516. This section, entitled "What constitutes filing; effectiveness of filing," has been changed to add three new subsections to 9-516(b) concerning what documents may be refused or do not constitute the filing of a financing statement.
Razor v Hyundai Motor America changed Illinois law by limiting the failure of a remedy to the remedy itself and not implicating the limitation on damages.
On June 29, 2007, the Illinois Appellate Court, First District, remanded the order of the Circuit Court of Cook County awarding judgment in favor of Lula Stoval due to the circuit court's error in applying an absolute bar to General Motors Acceptance Corporation's (GMAC) deficiency judgment against Stoval.
On October 6, 2006, the Illinois Appellate Court, Third District, affirmed the decision of the Circuit Court of Will County, held that implied warranties had been disclaimed throughout the course of dealings between a window manufacturer and one of its parts suppliers, and granted the defendant parts supplier's motion to dismiss.
Under Illinois law, "best efforts" promises apparently are not binding when the parties have failed to specify a level of performance. The author discusses the implications.
