reglab/housing_qa huggingface dataset:
810 ILCS 5/5-114
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (from Ch. 26, par. 5-114)Sec. 5-114.           Assignment of proceeds.(a) In this Section, "proceeds of a letter of credit" means the cash,  check, accepted draft, or other item of value paid or delivered upon honor  or giving of value by the issuer or any nominated person under the letter of  credit.  The term does not include a beneficiary's drawing rights or  documents presented by the beneficiary.(b) A beneficiary may assign its right to part or all of the proceeds  of a letter of credit.  The beneficiary may do so before presentation as a  present assignment of its right to receive proceeds contingent upon its  compliance with the terms and conditions of the letter of credit.(c) An issuer or nominated person need not recognize an  assignment of proceeds of a letter of credit until it consents to the  assignment.(d) An issuer or nominated person has no obligation to give or  withhold its consent to an assignment of proceeds of a letter of credit, but  consent may not be unreasonably withheld if the assignee possesses and  exhibits the letter of credit and presentation of the letter of credit is a  condition to honor.(e) Rights of a transferee beneficiary or nominated person are  independent of the beneficiary's assignment of the proceeds of a letter of  credit and are superior to the assignee's right to the proceeds.(f) Neither the rights recognized by this Section between an assignee  and an issuer, transferee beneficiary, or nominated person nor the issuer's or  nominated person's payment of proceeds to an assignee or a third person  affect the rights between the assignee and any person other than the issuer,  transferee beneficiary, or nominated person.  The mode of creating and  perfecting a security interest in or granting an assignment of a beneficiary's  rights to proceeds is governed by Article 9 or other law.  Against persons  other than the issuer, transferee beneficiary, or nominated person, the rights  and obligations arising upon the creation of a security interest or other  assignment of a beneficiary's right to proceeds and its perfection are  governed by Article 9 or other law.    (Source: P.A. 89-364, eff. 1-1-96; 89-534, eff. 1-1-97.)
810 ILCS 5/5-115
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (from Ch. 26, par. 5-115)Sec. 5-115.     Statute of limitations.     An action to enforce  a right or obligation arising under this Article must be commenced within one  year after the expiration date of the relevant letter of credit or one year  after the cause of action accrues, whichever  occurs later.  A cause of action accrues when  the breach occurs, regardless of the aggrieved party's lack of knowledge of the  breach.    (Source: P.A. 89-534, eff. 1-1-97.)
810 ILCS 5/5-116
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (from Ch. 26, par. 5-116)Sec. 5-116.     Choice of law and forum.(a) The liability of an issuer, nominated person, or adviser for  action or omission is governed by the law of the jurisdiction chosen by an  agreement in the form of a record signed or otherwise authenticated by the  affected parties in the manner provided in Section 5-104 or by a provision in  the person's letter of credit, confirmation, or other undertaking.  The  jurisdiction whose law is chosen need not bear any relation to the  transaction.(b) Unless subsection (a) applies, the liability of an issuer,  nominated person, or adviser for action or omission is governed by the law  of the jurisdiction in which the person is located.  The person is considered  to be located at the address indicated in the person's undertaking.  If more  than one address is indicated, the person is considered to be located at the  address from which the person's undertaking was issued.  For the purpose of  jurisdiction, choice of law, and recognition of interbranch letters of credit,  but not enforcement of a judgment, all branches of a bank are considered  separate juridical entities and a bank is considered to be located at the place  where its relevant branch is considered to be located under this subsection.(c) Except as otherwise provided in this subsection, the liability of  an issuer, nominated person, or adviser is governed by any rules of custom  or practice, such as the Uniform Customs and Practice for Documentary  Credits, to which the letter of credit, confirmation, or other undertaking is  expressly made subject.  If (i) this Article would govern the liability of an  issuer, nominated person, or adviser under subsection (a) or (b), (ii) the  relevant undertaking incorporates rules of custom or practice, and (iii) there  is conflict between this Article and those rules as applied to that  undertaking, those rules govern except to the extent of any conflict with the  nonvariable provisions specified in Section 5-103(c).(d) If there is conflict between this Article and Article 3, 4, 4A, or  9, this Article governs.(e) The forum for settling disputes arising out of an undertaking  within this Article may be chosen in the manner and with the binding effect  that governing law may be chosen in accordance with subsection (a).    (Source: P.A. 89-534, eff. 1-1-97.)
810 ILCS 5/5-117
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

 (from Ch. 26, par. 5-117)Sec. 5-117.     Subrogation of issuer, applicant, and nominated person.(a) An issuer that honors a beneficiary's presentation is subrogated  to the rights of the beneficiary to the same extent as if the issuer were a  secondary obligor of the underlying obligation owed to the beneficiary and of  the applicant to the same extent as if the issuer were the secondary obligor  of the underlying obligation owed to the applicant.(b) An applicant that reimburses an issuer is subrogated to the  rights of the issuer against any beneficiary, presenter, or nominated person  to the same extent as if the applicant were the secondary obligor of the  obligations owed to the issuer and has the rights of subrogation of the issuer  to the rights of the beneficiary stated in subsection (a).(c) A nominated person who pays or gives value against a draft or  demand presented under a letter of credit is subrogated to the rights of:(1) the issuer against the applicant to the same     extent as if the nominated person were a secondary obligor of the obligation owed to the issuer by the applicant;(2)  the beneficiary to the same extent as if the     nominated person were a secondary obligor of the underlying obligation owed to the beneficiary; and(3) the applicant to the same extent as if the     nominated person were a secondary obligor of the underlying obligation owed to the applicant.(d) Notwithstanding any agreement or term to the contrary, the  rights of subrogation stated in subsections (a) and (b) do not arise until the  issuer honors the letter of credit or otherwise pays and the rights in  subsection (c) do not arise until the nominated person pays or otherwise  gives value.  Until then, the issuer, nominated person, and the applicant do  not derive under this Section present or prospective rights forming the basis  of a claim, defense, or excuse.    (Source: P.A. 89-534, eff. 1-1-97.)
810 ILCS 5/5-118
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 5 - Letters Of Credit

(810 ILCS 5/5-118)Sec. 5-118.     Security interest of issuer or nominated person.(a) An issuer or nominated person has a security interest in a  document presented under a letter of credit to the extent that the issuer or  nominated person honors or gives value for the presentation.(b) So long as and to the extent that an issuer or nominated person  has not been reimbursed or has not otherwise recovered the value given with  respect to a security interest in a document under subsection (a), the security  interest continues and is subject to Article 9, but:(1) a security agreement is not necessary to make the     security interest enforceable under Section 9-203(b)(3);(2) if the document is presented in a medium other     than a written or other tangible medium, the security interest is perfected; and(3) if the document is presented in a written or     other tangible medium and is not a certificated security, chattel paper, a document of title, an instrument, or a letter of credit, the security interest is perfected and has priority over a conflicting security interest in the document so long as the debtor does not have possession of the document.   (Source: P.A. 91-893, eff. 7-1-01.)
810 ILCS 5/Art. 7 heading
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

 ARTICLE 7  DOCUMENTS OF TITLE        (Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/Art. 7 Pt. 1 heading
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

 PART 1  GENERAL    (Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/7-101
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

 (from Ch. 26, par. 7-101)Sec. 7-101. Short title.  This Article may be cited as Uniform Commercial Code-Documents of Title.     (Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/7-102
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

 (from Ch. 26, par. 7-102)Sec. 7-102. Definitions and index of definitions.(a) In this Article, unless the context otherwise requires:(1) "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.(2) "Carrier" means a person that issues a bill of     lading.(3) "Consignee" means a person named in a bill of     lading to which or to whose order the bill promises delivery.(4) "Consignor" means a person named in a bill of     lading as the person from which the goods have been received for shipment.(5) "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.(6) "Good faith" means honesty in fact and the     observance of reasonable commercial standards of fair dealing.(7) "Goods" means all things that are treated as     movable for the purposes of a contract for storage or transportation.(8) "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.  The term includes a person for which an agent or employee purports to act in issuing a document if the agent or employee has real or apparent authority to issue documents, even if the issuer did not receive any goods, the goods were misdescribed, or in any other respect the agent or employee violated the issuer's instructions.(9) "Person entitled under the document" means the     holder, in the case of a negotiable document of title, or the person to which delivery of the goods is to be made by the terms of, or pursuant to instructions in a record under, a nonnegotiable document of title.(10) "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.(11) "Sign" means, with present intent to     authenticate or adopt a record:(A) to execute or adopt a tangible symbol; or(B) to attach to or logically associate with the         record an electronic sound, symbol, or process.(12) "Shipper" means a person that enters into a     contract of transportation with a carrier.(13) "Warehouse" means a person engaged in the     business of storing goods for hire. The owner of a self-service storage facility as defined in the Self-Service Storage Facility Act is not a warehouse for the purposes of this Article.(b) Definitions in other Articles applying to this Article and the Sections in which they appear are:(1) "Contract for sale",  Section 2-106.(2) "Lessee in the ordinary course of business",     Section 2A-103.(3) "Receipt" of goods,  Section 2-103.(c) In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.(Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/7-103
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

 (from Ch. 26, par. 7-103)Sec. 7-103. Relation of Article to treaty or statute.(a) This Article is subject to any treaty or statute of the United States or regulatory statute of this State to the extent the treaty, statute, or regulatory statute is applicable.(b) This Article does not modify or repeal any law prescribing the form or content of a document of title or the services or facilities to be afforded by a bailee, or otherwise regulating a bailee's business in respects not specifically treated in this Article.  However, violation of such a  law does not affect the status of a document of title that otherwise is within  the definition of a document of title.(c)   This Act modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act (15 U.S.C. Section 7001, et seq.) but does not modify, limit, or supersede Section 101(c) of that Act (15 U.S.C. Section 7001(c)) or authorize electronic delivery of any of the notices described in Section 103(b) of that Act (15 U.S.C. Section 7003(b)).(d)   (Blank).    (Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/7-104
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

 (from Ch. 26, par. 7-104)Sec. 7-104. Negotiable and nonnegotiable document of title.(a) Except as otherwise provided in subsection (c), a document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person.(b) A document of title other than one described in subsection (a) is nonnegotiable.  A bill of lading that states that the goods are consigned to a named person is not made negotiable by a provision that the goods are to be delivered only against an order in a record signed by the same or another named person.(c) A document of title is nonnegotiable if, at the time it is issued, the document has a conspicuous legend, however expressed, that it is nonnegotiable.(Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/7-105
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

 (from Ch. 26, par. 7-105)Sec. 7-105. Reissuance in alternative medium.(a) Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:(1) the person entitled under the electronic document     surrenders control of the document to the issuer; and(2) the tangible document when issued contains a     statement that it is issued in substitution for the electronic document.(b) Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (a):(1) the electronic document ceases to have any effect     or validity; and(2)  the person that procured issuance of the     tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.(c) Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if:(1) the person entitled under the tangible document     surrenders possession of the document to the issuer; and(2) the electronic document when issued contains a     statement that it is issued in substitution for the tangible document.(d) Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection (c):(1) the tangible document ceases to have any effect     or validity; and(2) the person that procured issuance of the     electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer.  (Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/7-106
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

Sec. 7-106. Control of electronic document of title.(a) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.(b) A system satisfies subsection (a), and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that:(1) a single authoritative copy of the document     exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;(2) the authoritative copy identifies the person     asserting control as:(A) the person to which the document was issued;         or(B) if the authoritative copy indicates that the         document has been transferred, the person to which the document was most recently transferred;(3) the authoritative copy is communicated to and     maintained by the person asserting control or its designated custodian;(4) copies or amendments that add or change an     identified assignee of the authoritative copy can be made only with the consent of the person asserting control;(5) each copy of the authoritative copy and any copy     of a copy is readily identifiable as a copy that is not the authoritative copy; and(6) any amendment of the authoritative copy is     readily identifiable as authorized or unauthorized.  (Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/Art. 7 Pt. 2 heading
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

 PART 2  WAREHOUSE RECEIPTS: SPECIAL PROVISIONS    (Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/7-201
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

 (from Ch. 26, par. 7-201)Sec. 7-201. Person that may issue a warehouse receipt;  storage under bond.(a) A warehouse receipt may be issued by any warehouse.(b) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods is deemed to be a warehouse receipt even if  issued by a person that is the owner of the goods and is not a warehouse.      (Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/7-202
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

 (from Ch. 26, par. 7-202)Sec. 7-202. Form of warehouse receipt; effect of omission.(a) A warehouse receipt need not be in any particular form.(b) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by its omission:(1) a statement of the location of the warehouse     facility where the goods are stored;(2) the date of issue of the receipt;(3) the unique identification code of the receipt;(4) a statement whether the goods received will be     delivered to the bearer, to a named person, or to a named person or its order;(5) the rate of storage and handling charges, unless     goods are stored under a field warehousing arrangement, in which case a statement of that fact is sufficient on a nonnegotiable receipt;(6) a description of the goods or the packages     containing them;(7) the signature of the warehouse or its agent;(8) if the receipt is issued for goods that the     warehouse owns, either solely, jointly, or in common with others, a statement of the fact of that ownership;  and(9) a statement of the amount of advances made and of     liabilities incurred for which the warehouse claims a lien or security interest, unless the precise amount of advances made or liabilities incurred, at the time of the issue of the receipt, is unknown to the warehouse or to its agent that issued the receipt, in which case a statement of the fact that advances have been made or liabilities incurred and the purpose of the advances or liabilities is sufficient.(c) A warehouse may insert in its receipt any terms that are not contrary to the Uniform Commercial Code and do not impair its obligation of delivery under Section 7-403 or its duty of care under Section 7-204.  Any contrary provision is ineffective.(Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/7-203
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

 (from Ch. 26, par. 7-203)Sec. 7-203. Liability for non-receipt or misdescription. A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that:(1) the document conspicuously indicates that the     issuer does not know whether all or part of the goods in fact were received or conform to the description, such as a case in which the description is in terms of marks or labels or kind, quantity, or condition, or the receipt or description is qualified by "contents, condition, and quality unknown", "said to contain", or words of similar import, if the indication is true; or(2) the party or purchaser otherwise has notice of     the nonreceipt or misdescription.    (Source: P.A. 95-895, eff. 1-1-09.)
810 ILCS 5/7-204
2021 Illinois Compiled Statutes|Chapter 810 - COMMERCIAL CODE|810 ILCS 5/ - Uniform Commercial Code.|Article 7 - Documents of Title

 (from Ch. 26, par. 7-204)Sec. 7-204. Duty  of care; contractual limitation of warehouse's liability.(a) A warehouse is liable for damages for loss of or injury to the goods caused by its  failure to exercise care with regard to the goods that a reasonably careful person would exercise under similar circumstances. Unless otherwise agreed, the warehouse is not liable for damages that could not have been avoided by the exercise of that care.(b) Damages may be limited by a term in the warehouse receipt or storage agreement limiting the amount of liability in case of loss or damage beyond which the warehouse is not liable.  Such a limitation is not effective with respect to the warehouse's liability for conversion to its own use.  On request of the bailor in a record at the time of signing the storage agreement or within a reasonable time after receipt of the warehouse receipt, the warehouse's liability may be increased on part or all of the goods covered by the storage agreement or the warehouse receipt. In this event, increased rates may be charged based on an increased valuation of the goods.(c)  Reasonable provisions as to the time and manner of presenting claims and commencing actions based on the bailment may be included in the warehouse receipt or storage agreement.(d) (Blank).(Source: P.A. 95-895, eff. 1-1-09.)