§ 5/12-634 Determining money of the claim

Codes > Illinois Compiled Statutes > Chapter 735 > Act 5 : Article XII > Part 6 : 5/12-634 Determining

§ 12-634. Determining money of the claim.

    (a) The money in which the parties to a transaction have agreed that payment is to be made is the proper money of the claim for payment.

    (b) If the parties to a transaction have not otherwise agreed, the proper money of the claim, as in each case may be appropriate, is the money:

        (1) regularly used between the parties as a matter of usage or course of dealing;

        (2) used at the time of a transaction in international trade, by trade usage or common practice, for valuing or settling transactions in the particular commodity or service involved; or

        (3) in which the loss was ultimately felt or will be incurred by the party claimant.