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Illinois Compiled Statutes
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COMMERCIAL CODE (810 ILCS 5/) Uniform Commercial Code. 810 ILCS 5/Art. 4A Pt. 1
(810 ILCS 5/Art. 4A Pt. 1 heading)
PART 1.
SUBJECT MATTER AND DEFINITIONS
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810 ILCS 5/4A-101
(810 ILCS 5/4A-101) (from Ch. 26, par. 4A-101)
Sec. 4A-101.
Short title.
This Article may be cited as Uniform
Commercial Code-Funds Transfers.
(Source: P.A. 86-1291.)
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810 ILCS 5/4A-102
(810 ILCS 5/4A-102) (from Ch. 26, par. 4A-102)
Sec. 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.)
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810 ILCS 5/4A-103
(810 ILCS 5/4A-103) (from Ch. 26, par. 4A-103)
Sec. 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 in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if:
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(i) the instruction does not state a condition to
| | payment to the beneficiary other than time of payment,
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(ii) the receiving bank is to be reimbursed by
| | debiting an account of, or otherwise receiving payment from, the sender, and
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(iii) the instruction is transmitted by the
| | sender directly to the receiving bank or to an agent, funds transfer system, or communication system for transmittal to the receiving bank.
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(2) "Beneficiary" means the person to be paid by the
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(3) "Beneficiary's bank" means the bank identified in
| | a payment order in which an account of the beneficiary is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary if the order does not provide for payment to an account.
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(4) "Receiving bank" means the bank to which the
| | sender's instruction is addressed.
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(5) "Sender" means the person giving the instruction
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(b) If an instruction complying with subsection (a)(1) is to make more
than one payment to a beneficiary, the instruction is a separate payment
order with respect to each payment.
(c) A payment order is issued when it is sent to the receiving bank.
(Source: P.A. 86-1291.)
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810 ILCS 5/4A-104
(810 ILCS 5/4A-104) (from Ch. 26, par. 4A-104)
Sec. 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 of making payment to
the beneficiary of the order. The term includes any payment order issued
by the originator's bank or an intermediary bank intended to carry out the
originator's payment order. A funds transfer is completed by acceptance by
the beneficiary's bank of a payment order for the benefit of the
beneficiary of the originator's payment order.
(b) "Intermediary bank" means a receiving bank other than the
originator's bank or the beneficiary's bank.
(c) "Originator" means the sender of the first payment order in a
funds transfer.
(d) "Originator's bank" means (i) the receiving bank to which the
payment order of the originator is issued if the originator is not a bank,
or (ii) the originator if the originator is a bank.
(Source: P.A. 86-1291.)
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810 ILCS 5/4A-105
(810 ILCS 5/4A-105) (from Ch. 26, par. 4A-105)
Sec. 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 source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account.
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(2) "Bank" means a person engaged in the business of
| | banking and includes a savings bank, savings and loan association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this Article.
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(3) "Customer" means a person, including a bank,
| | having an account with a bank or from whom a bank has agreed to receive payment orders.
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(4) "Funds transfer business day" of a receiving bank
| | means the part of a day during which the receiving bank is open for the receipt, processing, and transmittal of payment orders and cancellations and amendments of payment orders.
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(5) "Funds transfer system" means a wire transfer
| | network, automated clearinghouse, or other communication system of a clearing house or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed.
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(6) "Good faith" means honesty in fact and the
| | observance of reasonable commercial standards of fair dealing.
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(7) "Prove" with respect to a fact means to meet the
| | burden of establishing the fact (Section 1-201(b)(8)).
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(b) Other definitions applying to this Article and the Sections in which
they appear are:
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"Acceptance" |
Section 4A-209 |
"Beneficiary" |
Section 4A-103 |
"Beneficiary's bank" |
Section 4A-103 |
"Executed" |
Section 4A-301 |
"Execution date" |
Section 4A-301 |
"Funds transfer" |
Section 4A-104 |
"Funds transfer system rule" |
Section 4A-501 |
"Intermediary bank" |
Section 4A-104 |
"Originator" |
Section 4A-104 |
"Originator's bank" |
Section 4A-104 |
"Payment by beneficiary's bank |
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to beneficiary" |
Section 4A-405 |
"Payment by originator to |
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beneficiary" |
Section 4A-406 |
"Payment by sender |
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to receiving bank" |
Section 4A-403 |
"Payment date" |
Section 4A-401 |
"Payment order" |
Section 4A-103 |
"Receiving bank" |
Section 4A-103 |
"Security procedure" |
Section 4A-201 |
"Sender" |
Section 4A-103 |
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(c) The following definitions in Article 4 apply to this Article:
| "Clearing house" | Section 4-104 | "Item" | Section 4-104 | "Suspends payments" | Section 4-104 |
| (d) In addition, Article 1 contains general definitions and principles of
construction and interpretation applicable throughout this Article.
(Source: P.A. 95-895, eff. 1-1-09 .)
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810 ILCS 5/4A-106
(810 ILCS 5/4A-106) (from Ch. 26, par. 4A-106)
Sec. 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 the rules applicable to
receipt of a notice stated in Section 1-202. A receiving bank may fix
a cut-off time or times on a funds transfer business day for the receipt
and processing of payment orders and communications cancelling or amending
payment orders. Different cut-off times may apply to payment orders,
cancellations, or amendments, or to different categories of payment orders,
cancellations, or amendments. A cut-off time may apply to senders
generally or different cut-off times may apply to different senders or
categories of payment orders. If a payment order or communication
cancelling or amending a payment order is received after the close of a
funds transfer business day or after the appropriate cut-off time on a
funds transfer business day, the receiving bank may treat the payment
order or communication as received at the opening of the next funds
transfer business day.
(b) If this Article refers to an execution date or payment date or
states a day on which a receiving bank is required to take action, and the
date or day does not fall on a funds transfer business day, the next day
that is a funds transfer business day is treated as the date or day stated,
unless the contrary is stated in this Article.
(Source: P.A. 95-895, eff. 1-1-09.)
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810 ILCS 5/4A-107
(810 ILCS 5/4A-107) (from Ch. 26, par. 4A-107)
Sec. 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 Banks supersede any inconsistent
provision of this Article to the extent of the inconsistency.
(Source: P.A. 86-1291.)
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810 ILCS 5/4A-108
(810 ILCS 5/4A-108) (from Ch. 26, par. 4A-108)
Sec. 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
of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX,
Public Law 95-630, 92 Stat. 3728, 15 U.S.C. Section 1693 et seq.) as
amended from time to time.
(b) This Article applies to a funds transfer that is a remittance transfer as defined in the Electronic Fund Transfer Act (15 U.S.C. Sec. 1693o-1), as amended from time to time, unless the remittance transfer is an electronic fund transfer as defined in the Electronic Fund Transfer Act (15 U.S.C. Sec. 1693a), as amended from time to time. (c) In a funds transfer to which this Article applies, in the event of an inconsistency between an applicable provision of this Article and an applicable provision of the Electronic Fund Transfer Act, the provision of the Electronic Fund Transfer Act governs to the extent of the inconsistency. (Source: P.A. 98-498, eff. 1-1-14.)
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