Sec. 12-634. Determining money of the claim.
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/il/chapter-735/act-5/12-634·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 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.