Friday, April 8, 2005
Governor Dave Heineman today signed LB 570, which, by its terms, will take effect on January 1, 2006. LB 570, like the nine versions of Revised Article 1 already enacted in Alabama, Arkansas, Delaware, Hawaii, Idaho, Minnesota, New Mexico, Texas, and Virginia, rejects uniform R1-301, retaining the basic choice-of-law regime of pre-revised 1-105. LB 570, like the versions of Revised Article 1 enacted in four other states (Alabama, Hawaii, Idaho, and Virginia), rejects uniform R1-201(b)(20)'s definition of "good faith" as "honesty in fact and the observance of reasonable commercial standards of fair dealing," retaining the definitions set forth in pre-revised 1-201(19) and unamended 2-103(1)(b) and 2A-103(3).
The Illinois Senate Judiciary Committee unanimously approved Senator Kirk Dillard's floor amendment to substitute the language of pre-revised 1-105 and unamended 1-201(19) for uniform R1-301 and R1-201(b)(20), respectively. Thus amended, SB 1647 must now pass a second and third reading in the Illinois Senate by April 15, and must receive House approval by May 20, before it can be submitted to Governor Rod Blagojevich for his signature or veto.
The Oklahoma Senate Judiciary Committee unanimously approved HB 2028, which the House passed on March 16. The deadline for final reading in the Senate is April 28. HB 2028, like amended Illinois SB 1647 and the version of Revised Article 1 enacted in the all ten enacting states, rejects uniform R1-301 in favor of language similar to pre-revised 1-105. HB 2028, unlike amended Illinois SB 1647 and the versions of Revised Article 1 enacted in Alabama, Hawaii, Idaho, Nebraska, and Virginia, adopts uniform R1-201(b)(20)'s "good faith" definition.