(810 ILCS 5/Art. 13 heading)
ARTICLE 13.
EFFECTIVE DATE AND TRANSITION
PROVISIONS FOR AMENDATORY ACT OF 1996
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(810 ILCS 5/13-101)
Sec. 13-101.
Effective date.
This amendatory Act of 1996 takes effect on
January 1, 1997.
(Source: P.A. 89-534, eff. 1-1-97.)
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(810 ILCS 5/13-102)
Sec. 13-102.
Applicability.
This amendatory Act of 1996 applies to a
letter of credit that is issued on or after the effective date of this
amendatory Act of 1996. This amendatory Act of 1996
does not apply to a transaction, event, obligation, or duty arising out of or
associated with a letter of credit that was issued before the effective date of
this amendatory Act of 1996.
(Source: P.A. 89-534, eff. 1-1-97.)
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(810 ILCS 5/13-103)
Sec. 13-103.
Savings clause.
A transaction arising out of
or associated with a letter of credit that was issued before the effective date
of this amendatory Act of 1996 and the rights, obligations, and interests
flowing from
that transaction are governed by any statute or other law amended
by this amendatory Act of 1996 as if amendment had not occurred and may be
terminated, completed, consummated, or enforced under that statute or
other law.
(Source: P.A. 89-534, eff. 1-1-97.)
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