2023 Illinois Compiled Statutes › Chapter 815 - BUSINESS TRANSACTIONS › 815 ILCS 617/ - Euro Conversion Act.

(815 ILCS 617/1)
Sec. 1. 
		Short title. 
		This Act may be cited as the Euro Conversion Act.
(Source: P.A. 90-268, eff. 7-30-97.)
(815 ILCS 617/5)
Sec. 5. 
		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 member states of the
European Union pursuant to the Treaty on European Union of February 7,
1992.
"ECU" or "European Currency Unit" means the currency basket that is
from time to time used as the unit of account of the European Community as
defined
in European Council Regulation No. 3320/94.
(Source: P.A. 90-268, eff. 7-30-97.)
(815 ILCS 617/10)
Sec. 10. 
		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 (ii) tendered, in
each case
at the conversion rate specified in, and otherwise calculated in accordance
with, the regulations adopted by the Council of the European Union.
(b) If a subject or medium of payment of a contract, security, or
instrument is the ECU, the euro shall be a commercially reasonable substitute
and substantial equivalent that may be
either (i) used in determining the value of the ECU or (ii) tendered, in
each case
at the conversion rate specified in, and otherwise calculated in accordance
with, the regulations adopted by the Council of the European Union.
(c) Performance of any of the obligations described in subsections (a) or
(b) of this Section may be made in the currency or currencies originally
designated in the contract, security, or instrument, (so long as that currency
or those currencies remain legal tender), or in the euro, but not in any other
currency, whether or not the other currency (i) has been substituted or
replaced by the euro or (ii) is a currency that is considered a denomination of
the euro and has a fixed conversion rate with respect to the euro.
(Source: P.A. 90-268, eff. 7-30-97.)
(815 ILCS 617/15)
Sec. 15. 
		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.
(2) Tendering euros in connection with any obligation     in compliance with subsections (a) or (b) of Section 10.
(3) Determining the value of any obligation in     compliance with subsections (a) or (b) of Section 10.
(4) Calculating or determining the subject or medium     of payment of a contract, security, or instrument with reference to a substituted or replaced interest rate or other basis that is deemed a commercially reasonable substitute and substantial equivalent according to the terms of Section 10 of this Act.
(Source: P.A. 90-268, eff. 7-30-97.)
(815 ILCS 617/20)
Sec. 20. 
		
		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)
Sec. 25. 
		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.)
(815 ILCS 617/30)
Sec. 30. 
		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)
Sec. 99. 
		Effective date. 
		This Act takes effect upon becoming law.
(Source: P.A. 90-268, eff. 7-30-97.)