Article 13 - Effective Date And Transition; Provisions For Amendatory Act Of 1996 - Illinois Statutes

      (810 ILCS 5/Art. 13 heading)ARTICLE 13. EFFECTIVE DATE AND TRANSITION PROVISIONS FOR AMENDATORY ACT OF 1996

(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.)

(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.)

(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.)