(810 ILCS 5/2-506)
(from Ch. 26, par. 2-506)
Rights of financing agency.
(1) A financing agency by paying or purchasing for value a draft which
relates to a shipment of goods acquires to the extent of the payment or
purchase and in addition to its own rights under the draft and any document
of title securing it any rights of the shipper in the goods including the
right to stop delivery and the shipper's right to have the draft honored by
(2) The right to reimbursement of a financing agency which has in good
faith honored or purchased the draft under commitment to or authority from
the buyer is not impaired by subsequent discovery of defects with reference
to any relevant document which was apparently regular.
(Source: P.A. 95-895, eff. 1-1-09.)