Illinois Compiled Statutes 810 Commercial Code: Article 4A - Funds Transfers
Part 1. Subject Matter and Definitions
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-101
Short title. This Article may be cited as Uniform Commercial Code-Funds Transfers. (Source: P.A. 86-1291.)
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-102
Subject matter. Except as otherwise provided in Section 4A-108, this Article applies to funds transfers defined in Section 4A-104. (Source: P.A. 86-1291.)
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-103
Payment order; definitions. (a) In this Article: (1) "Payment order" means an instruction of a sender to a receiving bank, transmitted orally, electronically, or...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-104
Funds transfer; definitions. In this Article: (a) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-105
Other definitions. (a) In this Article: (1) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-106
Time payment order is received. (a) The time of receipt of a payment order or communication cancelling or amending a payment order is determined by...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-107
Federal Reserve regulations and operating circulars. Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-108
Exclusion of consumer transactions governed by federal law. (a) Except as provided in subsection (b), this Article does not apply to a funds transfer any...
Part 2. Issue and Acceptance of Payment Order
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-201
Security procedure. "Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-202
Authorized and verified payment orders. (a) A payment order received by the receiving bank is the authorized order of the person identified as sender...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-203
Unenforceability of certain verified payment orders. (a) If an accepted payment order is not, under Section 4A-202(a), an authorized order of a customer identified...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-204
Refund of payment and duty of customer to report with respect to an unauthorized payment order. (a) If a receiving bank accepts a payment order...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-205
Erroneous payment orders. (a) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-206
Transmission of payment order through funds transfer or other communication system. (a) If a payment order addressed to a receiving bank is transmitted to...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-207
Misdescription of beneficiary. (a) Subject to subsection (b), if, in a payment order received by the beneficiary's bank, the name, bank account number, or...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-208
Misdescription of intermediary bank or beneficiary's bank. (a) This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank only...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-209
Acceptance of payment order. (a) Subject to subsection (d), a receiving bank other than the beneficiary's bank accepts a payment order when it executes...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-210
Rejection of payment order. (a) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally,...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-211
Cancellation and amendment of payment order. (a) A communication of the sender of a payment order cancelling or amending the order may be transmitted to...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-212
Liability and duty of receiving bank regarding unaccepted payment order. If a receiving bank fails to accept a payment order that it is obliged...
Part 3. Execution of Sender's Payment Order by Receiving Bank
Part 4. Payment
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-401
Payment date. "Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-402
Obligation of sender to pay receiving bank. (a) This Section is subject to Sections 4A-205 and 4A-207. (b) With respect to a payment order...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-403
Payment by sender to receiving bank. (a) Payment of the sender's obligation under Section 4A-402 to pay the receiving bank occurs as follows: (1)...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-404
Obligation of beneficiary's bank to pay and give notice to beneficiary. (a) Subject to Sections 4A-211(e), 4A-405(d), and 4A-405(e), if a beneficiary's bank accepts...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-405
Payment by beneficiary's bank to beneficiary. (a) If the beneficiary's bank credits an account of the beneficiary of a payment order, payment of the...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-406
Payment by originator to beneficiary; discharge of underlying obligation. (a) Subject to Sections 4A-211(e), 4A-405(d), and 4A-405(e), the originator of a funds transfer pays...
Part 5. Miscellaneous Provisions
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-501
Variation by agreement and effect of funds transfer system rule. (a) Except as otherwise provided in this Article, the rights and obligations of a...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-502
Creditor process served on receiving bank; setoff by beneficiary's bank. (a) As used in this Section, "creditor process" means levy, attachment, garnishment, notice of...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-503
Injunction or restraining order with respect to funds transfer. For proper cause and in compliance with applicable law, a court may restrain (i) a...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-504
Order in which items and payment orders may be charged to account; order of withdrawals from account. (a) If a receiving bank has received...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-505
Preclusion of objection to debit of customer's account. If a receiving bank has received payment from its customer with respect to a payment order...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-506
Rate of interest. (a) If, under this Article, a receiving bank is obliged to pay interest with respect to a payment order issued to...
- Illinois Uniform Commercial Code. - 810 ILCS 5, Section 4A-507
Choice of law. (a) The following rules apply unless the affected parties otherwise agree or subsection (c) applies: (1) The rights and obligations between the...
Last modified: February 18, 2015