815 ILCS 617/25

Reference to "ECU" in contracts

Illinois · Illinois Compiled Statutes 815 ILCS 617 — Euro Conversion Act. · Status: effective

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Citation: 815 ILCS 617/25, Reference to "ECU" in contracts, Illinois, version 1 as recorded 2026-08-15, yourstate.us, https://yourstate.us/provision/1303263
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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 euro to one ECU. A reference to "ECU" in a contract, security, or instrument without defining "ECU" shall carry a presumption, rebuttable by a showing of the contrary intention of the parties, that it is a reference to the currency basket that is from time to time used as the unit of account of the European Community. (Source: P.A. 90-268, eff. 7-30-97.)