815 ILCS 617/1
Short title
Short title. This Act may be cited as the Euro Conversion Act. (Source: P.A. 90-268, eff. 7-30-97.)
Illinois Compiled Statutes 815 ILCS 617 — Euro Conversion Act.
Illinois · statute · 815 ILCS 617 · 8 active provisions
815 ILCS 617/5
Definitions
Definitions. As used in this Act: "Euro" means the currency of participating member states of the European Union that adopt a single currency in accordance with the Treaty on European Union of February 7, 1992. "Introduction of the euro" includes the implementation from time to time of Economic and Monetary Union in me…
815 ILCS 617/10
Continuity of contract
Continuity of contract. (a) If a subject or medium of payment of a contract, security, or instrument is a currency that has been substituted or replaced by the euro, the euro shall be a commercially reasonable substitute and substantial equivalent that may be either (i) used in determining the value of that currency or…
815 ILCS 617/15
Substituted currency does not change contract requirements
Substituted currency does not change contract requirements. None of the following shall have the effect of discharging or excusing performance under any contract, security, or instrument, or give a party the right unilaterally to alter or terminate any contract, security, or instrument: (1) The introduction of the euro…
815 ILCS 617/20
This Act is subject to anything that the parties to a contract agree with specific reference to the introduction of the euro
This Act is subject to anything that the parties to a contract agree with specific reference to the introduction of the euro. (Source: P.A. 90-268, eff. 7-30-97.)
815 ILCS 617/25
Reference to "ECU" in contracts
Reference to "ECU" in contracts. When the euro first becomes the monetary unit of participating member states of the European Union, a reference to the ECU in a contract, security, or instrument that also refers to the definition of the ECU in Section 5 shall be replaced with a reference to the euro at a rate of one eu…
815 ILCS 617/30
Statutory construction
Statutory construction. This Act shall apply to all contracts, including commercial contracts governed by any other law of this State, and shall not be deemed to be displaced by the provisions of any other law of this State. (Source: P.A. 90-268, eff. 7-30-97.)
815 ILCS 617/99
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 90-268, eff. 7-30-97.)