(810 ILCS 5/4A-206)
(from Ch. 26, par. 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 a funds transfer system or other third-party communication
system for transmittal to the bank, the system is deemed to be an agent of
the sender for the purpose of transmitting the payment order to the bank.
If there is a discrepancy between the terms of the payment order transmitted
to the system and the terms of the payment order transmitted by the system
to the bank, the terms of the payment order of the sender are those
transmitted by the system. This Section does not apply to a funds transfer
system of the Federal Reserve Banks.
(b) This Section applies to cancellations and amendments of payment
orders to the same extent it applies to payment orders.
(Source: P.A. 86-1291.)