(810 ILCS 5/4-212)
(from Ch. 26, par. 4-212)
Presentment by notice of item not payable by, through, or at
bank; liability of drawer or indorser.
(a) Unless otherwise instructed, a collecting bank may present an item
not payable by, through, or at a bank by sending to the party to accept or
pay a written notice that the bank holds the item for acceptance or payment.
The notice must be sent in time to be received on or before the day when
presentment is due and the bank must meet any requirement of the party to
accept or pay under Section 3-501 by the close of the bank's next banking
day after it knows of the requirement.
(b) If presentment is made by notice and payment, acceptance,
or request for compliance with a requirement under Section 3-501 is
not received by the close of business on the day after maturity or,
in the case of demand items, by the close of business on the third banking day
after notice was sent, the presenting bank may treat the item as dishonored and
charge any drawer or indorser by sending it notice of the facts.
(Source: P.A. 87-582; 87-1135.)