(810 ILCS 5/4A-212)
(from Ch. 26, par. 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 by express agreement to accept, the bank is liable for breach of
the agreement to the extent provided in the agreement or in this Article,
but does not otherwise have any duty to accept a payment order or, before
acceptance, to take any action, or refrain from taking action, with respect
to the order except as provided in this Article or by express agreement.
Liability based on acceptance arises only when acceptance occurs as stated
in Section 4A-209, and liability is limited to that provided in this
Article. A receiving bank is not the agent of the sender or beneficiary of
the payment order it accepts, or of any other party to the funds transfer,
and the bank owes no duty to any party to the funds transfer except as
provided in this Article or by express agreement.
(Source: P.A. 86-1291.)